LA-Area Retail Property Receives $8M Loan
- May 16, 2018
Meridian Capital Group has arranged $7.8 million in financing for the acquisition of a 7,200-square-foot retail property in Beverly Hills, Calif. The bridge loan features interest-only payments.
At 362 N. Camden Drive, the two-story building is located in the Platinum Triangle area of Beverly Hills, along Santa Monica Boulevard, roughly 14 miles from downtown Los Angeles. It is situated just one block from Rodeo Drive, which offers various dining and shopping options, including luxury retailers such as Prada, Gucci, Cartier and Chanel. The building will temporarily host Madeo restaurant, a hotspot for celebrities.
“Given Meridian’s strong relationship with the lender and the sponsor’s track record, we were able to negotiate highly favorable terms at 85 percent loan-to-cost for the acquisition of the property,” said David Oheb, vice president of Meridian Capital, in prepared remarks.
Last month, the company also arranged $60 million in financing for a 17-story office building located at 729 Seventh Ave. in Manhattan. The seven-year balance sheet loan features a fixed-rate and an interest-only component during the initial years of the term.
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