Fort Myers, FL - Meridian Capital Group recently arranged financing for the Monterrey Apartments, a
408-unit luxury garden apartment complex on Sonoma Drive. Andy Weiss and Matthew Texler of Meridian’s Bethesda office secured a $69,000,000 first mortgage from Chicago-based Corus Bank, N.A., and an $8,700,000 mezzanine loan from NYC-based JPS Capital Partners. The rate was LIBOR based over a
24-month term with options, interest-only.

The sponsor is converting the luxury complex, constructed in 2001, into condominiums. The project is located just one mile from the Gulf of Mexico and Sanibel Island and features four distinct condo layouts. Sitting on 40 acres with dramatic lake views, it also features a large clubhouse, state-of-the-art fitness center, indoor racquetball courts, and two outdoor pools.

Charlotte, NC - Weiss and Texler have also recently negotiated to secure $4,400,00 for the Paw Creek Shopping Center at 525 Little Rock Road. The rate for the 10-year term was under 6%. This one-story grocery anchored shopping center was acquired for $6,800,000 as part of a 1031 exchange. Tenants include anchor store Bi-Lo, which is leased through December of 2016; CVS, which is leased through November 2011; and Blockbuster Video.

Baltimore, MD - Jacob Katz, Matthew Texler and Manish Patel of the Bethesda office also recently secured financing for an apartment complex on Stevenson lane in Baltimore. The 117-unit garden apartment complex was also acquired as part of a 1031 exchange and Meridian was able to negotiate 80% of the purchase price at a rate of under 6% for the 7-year term. The 1966 vintage property is in good condition and Continental Realty is adding the subject property to their 5,000+ unit portfolio of Mid-Atlantic area apartment complexes.

Founded in 1991, Meridian Capital Group LLC is one of the nation’s largest mortgage brokers serving the multifamily and commercial real estate sectors. The company is based in New York City with additional offices in New Jersey, Pennsylvania, Maryland, Illinois, Florida, and California. Working with a wide variety of lenders, Meridian finances transactions ranging from $500,000 to more than $500 million for multifamily, co-op, office, retail, hotel, healthcare, self-storage, industrial, and construction properties. Nationally, Meridian reported more than 2,500 transactions in 2005, totaling over $16 billion.