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8/26/16
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Meridian Capital Group has arranged $74.7 mil in acquisition and recapitalization financing for the purchase of Adagio at South Coast, a 349-unit multifamily property in Santa Ana. The buyer was Decron Properties, as reported on RENTV in early August of this year.
The acquisition loan, provided by a balance sheet lender, features four years of interest-only payments during the initial term, followed by an extension option. It was arranged by Meridian’s Seth Grossman and Sarah Kuebler, who are both based in the company’s Carlsbad office.
Adagio at South Coast is a two-story, garden-style property located at 3124 South Main St, south of Dyer Rd and west of the 55 Fwy. It consists of one-and two-bedroom apartments, as well as large townhomes.
The property, constructed in 1974, was sold by Prime Residential. Tenants enjoy close proximity to a variety of shops and restaurants, as well as easy access to the 55/405 Freeways and John Wayne Airport. Amenities include three swimming pools, spas, a fitness center and barbeque picnic areas.
Over the next few years, Decron plans to renovate unit interiors with shaker-style cabinets, quartz countertops, stainless steel appliances, vinyl plank flooring, and in-unit washers and dryers. Common Area upgrades will include a fully renovated fitness center and clubhouse, fire pits, outdoor lounge areas, resort style pool amenities, new BBQ areas, playground furnishings, dog parks, and added parking through the use of parking lifts.
“Adagio at South Coast is the perfect fit for Decron’s recent focus on repositioning older assets and creating an affordable luxury option for renters in high-cost urban and suburban submarkets adjacent to major employment centers. We call it ‘affordable luxury,’ with a lowercase ‘a,’ because we offer the renter an apartment with luxury finishes in a location they need, amenities they want, at a price point they can afford.” Says Daniel Nagel, Vice President of Finance at Decron.
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