PHOENIX — Meridian Capital Group, LLC, has provided $34 million in financing for nine multifamily and retail properties in Phoenix. The largest loan was the $9.5-million, cash-out refinancing of a multifamily property that paid off an existing CMBS loan while reducing the interest rate by more than 250 basis points. The smallest loan was the $900,000 in funding provided for a retail strip center in Tempe near the Arizona State University campus. The center is home to a restaurant and a sports bar.
All of the loans featured five- or seven-year, non-recourse mortgages with fixed interest rates that ranged from 3.63 percent to 4.25 percent. The loans were all rate-locked at application. The mortgages carry 30-year amortization schedules and flexible pre-payment penalties. They were arranged by Seth Grossman, Kovi Elkus, Sarah Kuebler and Andy Strauss of Meridian.