California CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Meridian Secures $365M Refi for 1,600-Unit Decron California MF Portfolio
New York City-based Meridian Capital Group arranged $365 million to refinance a portfolio of seven multifamily properties in California on behalf of Los Angeles-based Decron Properties. The 10-year Freddie Mac financings, provided by Wells Fargo, feature fixed rates and full-term interest-only payments. The portfolio consisted of seven loans with no cross collateralization required.
Meridian’s Seth Grossman, Jackie Tran and Sarah Kuebler, based in SoCal, negotiated the loan.
Grossman says, “Ultimately, between a combination of a 60-day index lock followed by a 119-day early rate lock, Meridian was able to secure six months of locked rate that allowed proceeds to increase significantly from start to close, as Decron executed their business plan and NOI continued to increase.”
The properties total 1,596 units and include Cypress Creek and Creekside Glen in Walnut Creek; Los Robles and Marlowe in Thousand Oaks; Villas at Wood Ranch and Overlook at Wood Ranch in Simi Valley; and The Reserve at Carlsbad in Carlsbad (pictured).
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Financing




