Meridian Capital Group, America’s most active dealmaker, arranged $5.25 million in debt financing for the repositioning of the Wyndham Garden Capitol in Tallahassee, FL.
The two-year loan, provided by a debt fund, features a LIBOR-based rate, full-term interest-only payments, and one 12-month extension option. This transaction was negotiated by Meridian Managing Director, Noam Kaminetzky, who is based in the company’s Boca Raton, FL office.
The property, located at 1355 Apalachee Parkway, is a four-story hotel, consisting of 148 rooms. Situated in the heart of the Sunshine State’s capital, the Wyndham Capitol Garden is conveniently close to the best experiences in Tallahassee, including museums, restaurants, shopping and numerous outdoor activities.
“Thanks to Meridian’s long-term relationship with the lender, we were able to secure a deal that provided the lender with sufficient financial protections and coverage checkpoints, while still giving the borrower the flexibility to execute their business plan and reposition this previously underperforming hospitality asset,” said Mr. Kaminetzky.
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