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7/01/16
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Meridian Capital Group arranged $16.6 mil in acquisition financing for the purchase and repositioning of Adagio Apartments, a 208-unit multifamily property in Phoenix, AZ.
Adagio Apartments is located at 15645 North 35th Ave, in the Deer Valley neighborhood of Phoenix. Property amenities include a family friendly swimming pool, fitness center and excellent outdoor space. Residents are also in close proximity to Conocido Park and Rancho Encanto Plaza.
The three-year loan, provided by a debt fund, features full-term interest-only payments and two one-year extension options. It was arranged by Meridian’s Seth Grossman, Sarah Kuebler and Ryan Gandell, who are all based in the company’s Carlsbad office.
“The seller acquired the asset approximately 10 years ago, but had not regularly invested value-add capital during their ownership,” explained Grossman. “Our client recognized the opportunity to purchase the property at an attractive basis and obtain flexible financing to reposition the property in order to achieve higher rents at market levels,” he added.
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