Meridian Capital Group, America’s most active dealmaker, arranged $5.6 million in acquisition financing for the purchase of the Portside Apartments multifamily complex in Dundalk, MD, on behalf of Matt Teichman of BCI Capital.
The 36-month loan, provided by a regional balance sheet lender, features a floating-rate of 210 basis points over 30-day LIBOR and two one-year extension options. This transaction was negotiated by Meridian Vice President, Isaac Filler, who is based in the company’s New York City headquarters.
The property, located at 2125 Cameron Drive, is a 104,560-square foot, three-story garden apartment complex, consisting of 150 units in a historic suburb of Baltimore. Portside Apartments offers an array of amenities, including a business center, spacious lounge, a beautiful courtyard, controlled access entry, laundry facilities, a fitness center with cardio equipment and free weights, a clubhouse, resident events and activities, a playground, onsite maintenance and management, off-street parking, and more. Apartment amenities include upgraded kitchens with contemporary appliances, refrigerators and dishwashers, as well as carpeting, plank flooring, cable-ready spaces, window coverings, wheelchair access, and a great location in close proximity to shopping, restaurants, and other attractions.
The garden apartment complex is just a short distance from major highways, including Interstate-695, Interstate-95, and Interstate-895. There are also two bus stops within walking distance: the Dundalk Avenue and Woods Parkway stop and the Dundalk Avenue and Thruway NB stop. Residents also enjoy sprawling North Point State Park which offers scenic views of the Chesapeake Bay.
“Meridian was able to negotiate a highly favorable rate and strong terms for this transaction by engaging a Northeast lender to extend their multifamily lending program in the Mid-Atlantic region," said Mr. Filler.
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