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Meridian arranges loan for Chicago purchase.

Meridian 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, Ill.

Tannie 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.

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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Title Annotation:Meridian Capital Group L.L.C.
Publication:Real Estate Weekly
Article Type:Brief Article
Geographic Code:1U3IL
Date:Jul 27, 2005
Words:98
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