Meridian Capital Group, America’s most active debt broker, arranged $23.9 million in construction financing for the development of a senior housing community located in Delray Beach, FL.
The five-year loan, provided by a regional balance sheet lender, features a floating rate of 3.25% over the 30-day LIBOR rate and three years of interest-only payments. This transaction was negotiated by Meridian Managing Directors, Ari Adlerstein and Ari Dobkin and Vice President, Josh Simpson, who are all based in the company’s New York City headquarters.
The community is planned to be a three-story, 118-unit senior housing development, located in Delray Beach. Some of the property features will include an on-site restaurant, bar and café, a hair and nail salon, a surround sound theater, a fitness center and Tai Chi studio. Future residents of the community will enjoy close proximity to the Interstate 95 highway and Swinton Avenue. The property is a 15-minute drive from Delray Beach and East Atlantic Avenue, which offers visitors a variety of cafes, art galleries, boutiques and restaurants.
“Delray Beach has a settled community and is a high-demand area for retirees, as it offers top medical facilities and has a long-standing reputation for its golf and tennis clubs,” said Mr. Adlerstein. “We leveraged our strong relationship with a regional lender to successfully fund this exceptional project, which will have all the property and community amenities a senior resident could wish for,” he added.
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