Meridian arranges loan for Chicago purchase.Meridian Meridian (mərĭd`ēən), city (1990 pop. 41,036), seat of Lauderdale co., E Miss., near the Ala. line; settled 1831, inc. 1860. Capital Group recently secured $6.95 million for the purchase of a three-story, 126-unit apartment building at 7500 S. Shore Drive in Chicago Chicago, city, United States Chicago (shĭkä`gō, shĭkô`gō), city (1990 pop. 2,783,726), seat of Cook co., NE Ill., on Lake Michigan; inc. 1837. , Ill. Tannie tannie Noun S African a title of respect used to refer to an elderly woman [Afrikaans, literally: aunt] Schnell, of the Meridian's Chicago office, was able to secure extremely attractive financing, receiving more proceeds than were originally requested by the borrower. The loan term is for three years, interest-only, and the rate is 210 over 30 day LIBOR LIBOR See: London Interbank Offered Rate LIBOR See London interbank offered rate (LIBOR). . Mr. Schnell also recently arranged for $4.2 million in financing for a three-story, 72-unit multifamily property in Mundelein, Ill. The deal features a rate of 5.5% over a five-year term. |
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