Dealmaker: Meridian Capital Group Arranges $172M for One Museum Square
Meridian Capital Group, New York, arranged $171.6 million to refinance newly constructed multifamily property One Museum Square in Los Angeles, on behalf of JH Snyder Co., Los Angeles.
Meridian successfully negotiated a 10-year fixed-rate loan even though the property had not yet received a Temporary Certificate of Occupancy prior to closing and had no pre-leasing prior to closing. Provided by a national private equity firm that owns a life insurance company, the loan came with full-term interest-only payments and a rate that locked in the mid-3 percent range. Senior Managing Director Seth Grossman and Vice Presidents Steve Edelstein and Jackie Tran closed the deal.
Located at 640 South Curson Avenue in city’s Miracle Mile District, One Museum Square is a 21-story Class A asset with 285 units. Apartments include floor-to-ceiling windows or private balconies, quartz countertops and in-unit Bosch washers and dryers. Community amenities include a 24-hour luxury fitness center, rooftop pool with 360-degree views, sky lounge with fire pits and access to the adjacent SAG-AFTRA building, which houses ground-floor retail space including a Starbucks, The Counter Burger and a Mixt salad shop.
The Miracle Mile District is a pedestrian-friendly community that has undergone significant redevelopment. One Museum Square is near the La Brea Tar Pits Park and Museum, Los Angeles County Museum of Art and the Academy Museum of Motion Pictures.