Meridian Capital Group Secures $10.5 Million Refinance Loan For Santa Monica Multifamily

The multifamily property located at 2929 Colorado Avenue in Santa Monica, CA has undergone a refinancing transaction. The loan was facilitated by Seth Grossman and John Bianco from Meridian Capital Group, a prominent real estate finance and advisory firm. The loan amount for this refinance was $10,500,000, with a 4.75% interest rate. The terms of the loan include a 5-year fixed rate term, a 2-year interest-only period, and a flexible prepayment penalty. Additionally, this refinance provided an opportunity for a cash-out refinance.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $10,500,000
• Loan Type: Refinance
• Loan Terms: 4.75% interest rate, 5-year fixed rate term, 2-year interest only period, flexible prepayment penalty, cash-out refinance
• Brokers: Seth Grossman & John Bianco - Meridian Capital Group

The involvement of Seth Grossman and John Bianco from Meridian Capital Group played a crucial role in securing this refinancing deal for the multifamily property at 2929 Colorado Avenue in Santa Monica, CA. Despite an 80 basis points increase in treasury rates from the initial quote to the closing, the fixed rate was honored as per the term sheet. Meridian Capital Group is recognized as America's most active real estate finance and advisory firm, with a remarkable track record of closing over $55 billion in financing in 2021 across various property types, including multifamily, office, retail, hotel, mixed-use, industrial, and construction. The firm represents esteemed real estate investors and developers globally.