Meridian Capital Group, America’s most active dealmaker, arranged $15.8 million in acquisition financing on behalf of Blue Roc Premier, for the purchase of Twenty 35 apartments in Safety Harbor, FL.
The seven-year loan, provided by a balance sheet lender, features a competitive fixed rate and two years of interest-only payments. This transaction was negotiated by Meridian Managing Director, Seth Grossman, and Vice President, Sarah Kuebler, who are both based in the company’s Carlsbad, CA office.
“Blue Roc plans to perform further capital improvements on unit interiors and common areas. They have an excellent track record, having executed this identical business plan many times before on other very similar assets, which helped Meridian negotiate favorable terms with the lender,” said Mr. Grossman.
Twenty 35, located at 2035 Philippe Parkway, is a 132,693-square foot multifamily community, consisting of 200 units. The property offers a mix of one-bedroom and two-bedroom units, featuring an array of amenities, including fully equipped kitchens with granite countertops, stainless steel appliances, washer and dryer, and generous closet space. Twenty 35 also offers a host of community amenities, including a fitness center, clubhouse, courtyard, fire pits and grills, hammocks, lighted tennis court, playground, and two swimming pools.
The property is a short distance from Philippe Park and a few minutes from the Westfield Countryside Mall, Safety Harbor Resort and Spa, and the Safety Harbor Marina Park. Conveniently situated near countless shopping, dining, and outdoor venues, Twenty 35 is also in close proximity to Tampa, a major commercial hub that is known for its museums, cultural institutions, and international airport.
Founded in 1991, Meridian Capital Group, LLC is one of the nation's largest commercial real estate finance and advisory firms. Meridian is headquartered in New York with offices in New Jersey, Maryland, Illinois, Florida and California. Working with a broad array of capital providers, Meridian arranges financing for transactions ranging from $1 million to more than $500 million for multifamily, co-op, office, retail, hotel, mixed-use, industrial, healthcare, student housing, self-storage and construction properties. www.meridiancapital.com