Smithtown, NY — On behalf of AvalonBay Communities, Meridian Capital Group has arranged a first mortgage loan in the amount of $55,100,000 for the refinance of Avalon Commons in Smithtown, New York. The property is a garden style residential community consisting of 312 units spread over 13 buildings. The community features beautifully landscaped gardens, an outdoor swimming pool, state of the art fitness center and a luxury clubhouse. Abe Hirsch of Meridian's New York office successfully negotiated a low fixed interest rate for 5-years with a local lender. The loan also featured an attractive extension option. Throughout the process Hirsch worked side by side with the borrower and lender as to provide certainty of execution despite the current market volatility.

Founded in 1991, Meridian Capital Group LLC is one of the nation's largest mortgage brokerages 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 2,250 transactions in 2008, totaling over $11.5 billion.