Meridian Capital Group Closes $17.1 Billion in Transactions in 2006.
The 2006 portfolio represents the highest annual volume of originations in the company's 15-year history.
"In 2006, developers, owners and investors throughout the country continued to turn to Meridian Capital Group to meet their real estate financing needs," said Ralph Herzka, president and CEO of Meridian Capital Group. "The market's confidence in our firm is reflected by our outstanding rate of customer retention. In every asset category, investors of all sizes count on Meridian for skilled brokers, first-rate service, favorable terms and strong lender relationships."
One of the company's most significant 2006 transactions was a $325 million loan for a 140-building multifamily complex in Queens, New York. Undertaken in conjunction with Fannie Mae, the deal made investment history as Fannie Mae's largest-ever single-asset loan acquisition.
Meridian Capital Group originated numerous other prominent transactions this year, including the following:
* The company closed $225 million in financing for JP Morgan International Plaza, a Class A, 351,248-square-foot office building in Dallas.
* In Detroit, Meridian arranged for $50 million in construction financing as part of the $180 million financing package for the historic Book-Cadillac Hotel. The highly complex transaction consisted of 22 layers of financing.
* Meridian closed $165 million financing for the Abercrombie Building along New York City's prestigious Fifth Avenue retail corridor. The transaction included more than 100,000 square feet of Class A office space and 23,000 square feet of prime retail space.
* In downtown Chicago, Meridian arranged $165 million in financing for a portfolio of three prominent office buildings. The three properties total more than 1.64 million square feet.
* Meridian arranged $9 million in financing for the acquisition of a 105-unit multifamily property on North Alta Vista Boulevard in Los Angeles.
* In Fort Myers, Florida, Meridian closed $77.7 million in financing to convert the 408-unit Monterrey Apartments complex into condominiums.
* Meridian arranged financing for the $53 million acquisition of the former Atlantic Plumbing site near Florida and Georgia avenues NW in Washington, D.C. The new owners plan to erect a three-building, 750-unit retail and residential complex at the location.
In addition to originating a record volume of transactions, Meridian announced the opening of a Dallas office in November to capitalize on the firm's huge volume of business in the Texas marketplace. Meridian closed more than a half-billion dollars in Texas transactions in 2006. The Dallas office represents Meridian's eighth location in the country.
Founded in 1991, Meridian Capital Group LLC is one of the nation's largest mortgage brokers serving the multifamily and commercial real estate sectors. The company is based in New York City with additional offices in New Jersey, Pennsylvania, Maryland, Illinois, Florida, California and Texas. Working with a wide variety of lenders, Meridian finances transactions ranging from $500,000 to more than $500 million for multifamily, co-op, office, retail, hotel, healthcare, self-storage, industrial, and construction properties. Nationally, Meridian reported more than 2,500 transactions in 2006, totaling more than $17 billion.
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|Date:||Jan 8, 2007|
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