December 26, 2018, New York, NY – Meridian Capital Group, America’s most active dealmaker, arranged $51.6 million in financing for the acquisition of the Lakeview Apartments and Estates, two multifamily properties located in Houston, TX on behalf of Marlin Spring.
The 12-year Fannie Mae loan, provided by Capital One Multifamily Finance, features a rate of 4.89% and five years of interest-only payments followed by a 30-year amortization schedule. This transaction was negotiated by Meridian Managing Director, Zev Karpel, who is based in the company’s New York City headquarters.
Located at 1699 Romano Park Lane and 16755 Ella Boulevard, the properties consist of two- and three-story garden-style buildings containing a total of 566 units featuring private garages with remote access, full size washers and dryers, private patios or balconies, spacious closets, woodburning fireplaces, and designer wood flooring. The properties also offer an array of community benefits such as jogging trails, resort-style swimming pools, landscaped courtyards, and fully equipped athletic centers.
Lakeview Apartments and Estates are located 20 miles north of Downtown Houston and are conveniently surrounded by an array of popular dining and shopping options in addition to several hospitals and schools. Houston is the most populous city in the state of Texas and the fourth most populous city in the country with more than two million residents and has the second most Fortune 500 headquarters of any United States city after New York.
“Meridian was able to secure this value-add acquisition financing and mitigate interest rate risk in a rising rate environment by leveraging its deep relationships and structuring expertise,” said Mr. Karpel.
About Marlin Spring
Marlin Spring Investments acquires, develops and strategically repositions and manages residential assets throughout North America. To date, Marlin Spring has acquired over 20 residential projects and over 7,000 residential units in various stages of development, construction, and repositioning across Canada and United States. The firm's real estate portfolio totals over 5 million square feet of residential density with an estimated completion value of over $3 billion.
About Greybrook Realty Partners
Greybrook Realty Partners is a Toronto-based asset management firm that invests equity in value-add and development-based assets. Greybrook Realty Partners offers investors the unique opportunity to partner with leading North American real estate developers and share in value creation activities. Greybrook Realty Partners and its affiliates have invested in over 50 real estate projects in Greater Toronto Area, Greater Golden Horseshoe region, and select U.S. markets. In aggregate, its real estate investment portfolio is expected to result in the development of over 32 million square feet of residential and commercial density, with an estimated completion value of $14 billion.
About Meridian Capital Group
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