Meridian Capital Group, America’s most active dealmaker, negotiated $16 million in CMBS financing for The Harrison luxury multifamily property in Royal Oak, MI.
The 10-year fixed-rate CMBS loan features three years of interest-only payments. This transaction was negotiated by Meridian Vice President, Eric Trombly, who is based in the company’s Boca Raton, FL office.
The Harrison, located at 1210 Morse Avenue, is a luxury multifamily property completed in 2016. The stylish loft apartment building was quickly leased, increasing value dramatically for the sponsor. Located in the heart of one of the trendiest neighborhoods in Metro Detroit, The Harrison is an especially unique property with units boasting loft layouts, soaring 16- to 20-foot ceilings, enormous 14-foot by 14-foot windows, fireplaces, high-end fixtures and finishes, and private 16- by 15-foot courtyards. Amenities include a sky lounge, sun deck, expansive courtyards and patios, as well as garages and carports.
“Our goal was to source the most competitive long-term debt available,” explained Mr. Trombly. “By leveraging our many lending relationships and knowledge of capital markets, we were able to negotiate an extremely competitive loan that allowed the owners to recapitalize a portion of their equity while locking in a favorable interest rate with interest-only payments, which also enhances cash flow for the first few years of their loan.”
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