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Commercial Deals Announced

Latest commercial transactions

May 16, 2007


photo of Coco Salazar

An Illinois multifamily property, a New Jersey retail center and a Minnesota office building all found commercial mortgage financing this week.

In Woodbridge, Ill., Meridian Capital Group LLC, arranged a refinance transaction of $1.75 million for a 26-unit multifamily property. The 10-year loan carries a 5.54% under a Fannie Mae program, lower than the 6% rate the original loan held.

Meridian, based in New York City, also was the mortgage broker in a host of other transactions.

One was a retail property in Eaton, N.J., securing a $3.4 million mortgage with a rate of 5.60% for 10 years. Among the tenants of the 42,000 square-foot building will be Capital Lighting, which was recently named "Retailer of the Year" for lighting and specialty stores, Meridian reported.

Financing for a two-building multifamily property in Chicago was arranged for $4.8 million, a press release indicated. The loan for the 80-unit property is to be repaid over a five-year term at a rate of 5.57%.

The commercial mortgage broker said it secured a $6.5 billion refinance loan on another Chicago complex consisting of five-buildings. The borrower had recently rehabbed the 123-unit property and refinanced to lock in a long-term low rate for 7 years at 5.61%.

In Minneapolis, Meridian reported it obtained a $16 million refinance loan for a six-story office building. The 10-year loan for the 150,000 square-foot property closed with a rate of 5.71%.

Nine buildings in Plainfield, N.J., secured financing of $17 million, Meridian announced. The 10-year loan for the 289-unit multifamily package carries a 6.25% rate.

Coco Salazar is an associate editor and staff writer for MortgageDaily.com.

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