Birnbaum and Grossman of Meridian negotiate $58.6 million

Meridian Capital Group, LLC has arranged $58.6 million in acquisition financing for a multifamily property on behalf of a San Francisco, CA-based Carmel Partners. The $58.6 million seven-year mortgage, provided by a regional balance sheet lender, features an interest-only component and a floating-rate that was swapped to a fixed-rate for a portion of the term. This transaction was negotiated by Meridian executive VP, Aaron Birnbaum, and managing director, Seth Grossman, who are based in the company's N.Y.C. headquarters and Carlsbad, CA office, respectively. The property, located at 15 Cliff St. in the Financial District, contains 156 apartments along with ground floor retail space. "The complexities of this transaction were multifaceted as the apartments and retail portions of the building were held in separate condominium interests and Carmel Partners' business plan includes a significant renovation program to augment income," said Grossman. "Closing this financing is a reflection of the lender's creativity and flexibility for loans to market-leading sponsorship."