Meridian Capital Group, America’s most active dealmaker, arranged $24.5 million in acquisition financing for the purchase of a multifamily property in Centerville, UT.
The 10-year Fannie Mae loan, provided by Capital One Multifamily Finance, features a rate of 4.38% and five years of interest-only payments. This transaction was negotiated by Meridian Vice Presidents, David Walkin and Sam Walkin, who are both based in the company’s Iselin, NJ office.
The Park at Legacy Trails, located at 305 North 1300 West in Centerville, UT, is a three-story luxury apartment building that consists of 162 units ranging in size from one bedroom to three bedrooms. With scenic views of the Rocky Mountains, private balconies, spacious walk-in closets, in-unit laundry, updated appliances, and community amenities including a gym, basketball court, and swimming pool, the Park at Legacy Trails offers a lifestyle of comfort and convenience. The property is ideally located away from the hustle and bustle of the city, while remaining a short drive from shopping, dining, and schools in Centerville. The property is also just 20 minutes from the heart of Salt Lake City, Utah’s capital and a popular destination for hiking, skiing, fishing, and more.
“On a deal where there was no affordability component and no green discount, Meridian was still able to negotiate a 10-year fixed-rate deal, with five years of interest-only payments, at a tight spread,” said Mr. Walkin. “The greatest hurdle in this transaction was that the deal was still in lease-up, but we supplied a well-articulated leasing plan and area comparables, which in combination with the strength of the sponsor, justified the proceeds level that our client sought.”
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