Meridian Capital Group, America’s most active dealmaker, arranged $23 million in financing to recapitalize a multifamily community in Austin, TX.
The three-year loan, provided by a balance sheet lender, features two one-year extension options and a rate of 200 basis points over 30-day LIBOR in addition to full-term interest-only payments. This transaction was negotiated by Meridian’s Dov Jeremias and Managing Director, Brian Flax, who are both based in the company’s New York City headquarters.
“The Meridian team worked closely with Key Bank to get this extremely competitive deal across the finish line in just 22 days,” said Mr. Jeremias.
Located on Cameron Road, the multifamily community consists of 344 one-and two-bedroom units that feature amenities such as dishwashers, fireplaces, large closets, patios and balconies, wood-inspired flooring, and washer / dryer hookups. Community benefits include a pool and spa, laundry facilities, gated outdoor space with a playground, onsite maintenance and off-street parking. Situated on the border of the Saint Johns and Coronado Hills neighborhoods, the property offers easy access to Highways 183 and 290 and is located less than 40 minutes from downtown Austin.
The capital of Texas, Austin is home to just under one million residents and is known for its eclectic live-music scene featuring country, blues, and rock, and its many parks and lakes that are popular for biking, hiking, swimming, and boating. The University of Texas flagship campus is also located in Austin and enrolls approximately 50,000 students each year.
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