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4/04/16
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Meridian Capital Group arranged $10.5 mil in refi money on Spring Meadow Apartments, a 271-unit multifamily property in Glendale, AZ. Located near I-17 and Arizona State Route 101, the property features numerous amenities including a community pool, fitness center and business center.
The five-year loan, provided by a local savings bank, features a competitive fixed-rate of 3.78%, flexible prepayment terms and three years of interest-only payments followed by a 30-year amortization schedule. This transaction was negotiated by Meridian’s Seth Grossman and Kovi Elkus.
Conveniently located near downtown Glendale, Westgate City Center and Glendale Community College, residents of Spring Meadow Apartments are in close proximity to a wide variety of shopping, dining and entertainment options, most notably the home stadiums for both the Arizona Cardinals and Phoenix Coyotes. The property offers easy access to the surrounding metro area Phoenix.
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