|MEECORP Closes $4.0 Million for Newhall Senior Living as Part of $75.0 Million Mezzanine Line of Credit Extended to AREI
Fort Lee, New Jersey -- Meecorp Capital Markets, a privately owned commercial real estate lender specializing in value-added commercial real estate projects, today announced the closure of a three-year $4.0 mezzanine loan to Newhall Capital Resources, an affiliate of Redding, California-based Asset Real Estate Investment Co. (AREI), for the purchase of Newhall Senior Living, a portfolio of three Los Angeles, CA based properties; Capri Retirement Community, Stanford House and Cambridge House.
New York City-based Shattuck Hammond Partners LLC, one of the nation's leading mortgage brokerage firms, brokered the $4.0 million loan. According to P.J. Camp, a Shattuck Hammond broker, " "All of Meecorp's staff were the model of professionalism throughout this transaction. They were thorough, patient, and downright tenacious in seeing that everything went as smoothly as possible."
The loan is the third tranche under a $75.0 million line of credit series to be provided to AREI by Meecorp, and the fourth successful loan between the companies.
"We have developed a very good working relationship," said Peary D. Wood, chief executive officer, AREI about Meecorp. "Everyone was professional all the way, and they did exactly what they said they would do."
"We have a wonderful relationship with AREI and were able to quickly structure and close the transaction based on pre-existing terms and documentation," said Daniel Edrei, director at Meecorp Capital Markets.