Media

Press Releases

Meridian Capital Group Arranges $3.7 Million in Financing for a Multifamily Property in New Haven, CT

Meridian Capital Group, America’s most active dealmaker, arranged $3.7 million in financing for the refinance of a multifamily property in New Haven, CT.

The seven-year, floating-rate loan is swapped at 190 basis points over LIBOR in years three to seven of the loan term and features a 30-year amortization schedule. This transaction was negotiated by Meridian Senior Vice President, Simon Rosenfeld, and Associates, Avi Gorbacz, and Craig Berger, who are all based in the company’s New York City headquarters.

The four-story property, which is located at 441 Chapel Street, features 23 recently-renovated, spacious units and is within walking distance from Yale University. It spans 42,430 gross square feet and includes 40 parking spaces within two private, gated lots. Units range in size from one-bed, one-bath to four-bed, five-bath apartments. Originally built in the 19th century as a carriage factory, the building retains its high ceilings and historic features, but has been updated with modern mechanical systems, washers and dryers in every unit, kitchens featuring stainless steel appliances, and front doors equipped with key fob access and intercom systems permitting two-way conversations with visitors.

Located just a mile from the Yale University campus, the property draws its resident base primarily from graduate students, employees of the university, and young professionals who work nearby. In addition to its unbeatable location, the building’s rare private parking access and proximity to two highways are major amenities for those individuals who choose to live in New Haven and commute elsewhere to work.

“Meridian was able to structure a very unique deal for the borrower,” said Mr. Gorbacz. “We negotiated a forward-swap deal with a floating rate for the first two years followed by a fixed rate for the remaining five years of the loan. This helped the borrower maximize his cash flow for the first two years in order to execute his business plan for the property while fixing payments as the property stabilizes.”

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