Meridian Capital Group, America’s most active dealmaker, arranged $150 million in financing for the refinance of the Mid-Atlantic Multifamily Portfolio, 10 multifamily properties located in DE, NJ, and PA, on behalf of AION Partners.
The 10-year Freddie Mac loan, provided by Capital One Multifamily Finance, features a LIBOR-based floating rate and five years of interest-only payments. The financing for this transaction was negotiated by Meridian Senior Managing Director, Israel Schubert, Managing Director, David Cohen, and Senior Vice President, Russ Drebin, who are all based in the company’s Iselin, NJ office.
The Mid-Atlantic Multifamily Portfolio consists of 10 properties located throughout DE, NJ, and PA. The portfolio totals 2,800 units ranging from two to three stories. The well-equipped complexes include amenity packages that vary by location. Many units have been recently renovated and feature large closets, private balconies, dishwashers, ceiling fans, and an array of community benefits such as onsite parking, 24-hour emergency maintenance, swimming pools, sun decks, tennis courts, and more.
“Meridian was able to leverage the stellar reputation of the sponsor, along with the quality and performance of these well-run assets, to achieve a highly favorable and flexible structure in line with the nature of the borrower’s individualized business plan,” said Mr. Cohen. “The loan was structured utilizing a combination of conventional and energy utilization products as well as specifically tailored loan terms to customize the loan pool across the portfolio to match the specific business plan for each property. Meridian was able to add substantial value by using its experience as the leading originator of Freddie Mac loans and deep understanding of the agency lending process and suite of programs.”
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