Meridian Capital Group, America’s most active dealmaker, negotiated $32 million in financing for the acquisition of the Sorrel Fairview multifamily property, located in Fairview, TX, on behalf of Azure Partners.
The five-year loan, provided by a national balance sheet lender, features a fixed rate of 4.00%, three years of interest-only payments and two one-year extension options. This transaction was negotiated by Meridian Senior Managing Director, Abe Hirsch, and Managing Directors, Moshe Majeski and Zev Karpel, who are all based in the company’s New York City headquarters.
“The property’s superior location in a high-growth market, as well as its quality construction and exceptional amenities, made this a very attractive asset for the borrower,” said Mr. Hirsch. “The lender also recognized the property’s intrinsic value and Meridian was able to negotiate a strong loan structure, despite not being completely stabilized,” he added. “We are confident that with a new business and leasing strategy, this well-located trophy asset will achieve its full leasing potential in a short timeframe,” added Mr. Majeski.
Sorrel Fairview, located at 351 Sugarloaf Trail, is a 267-unit class-A multifamily community, in the Dallas/Fort Worth metro area. The property is situated just east of U.S. Highway 75, the main arterial for Dallas’ northern suburbs and a 10-mile drive north of State Highway 190. Sorrel Fairview’s amenities include a clubhouse with lounge areas and a fireplace, a first-class social room with shuffleboard, billiards, and a gourmet kitchen, a theater room, a fitness center, on-site car wash, walking trails, a resort-style pool and grilling areas. Units feature stainless steel appliances, in-unit washer and dryer, walk-in showers, and large balconies or patios. The property offers over 150 stores and restaurants within a two-mile radius, including the village of Fairview, Allen Premium Outlets, Twin Creeks Village, and Watters Creek at Montgomery Farm.
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