MERIDIAN CAPITAL GROUP ARRANGES FINANCING FOR
SOUTHERN FLORIDA MULTIFAMILY PROPERTY
Ft. Lauderdale, FL - Meridian Capital Group recently arranged a loan in the amount of $8,025,000 for the purchase of the Palm Gardens Apartments, a 163-unit property with 7,000 square feet of retail space located at 2727 N. Andrews Avenue. Seth Grossman of Meridian’s Florida office negotiated to secure a rate of 5.54% over a 5-year term. The borrower purchased this property from an Estate Sale and plans to upgrade it within the next six months. What impressed the borrower most was the fact that he executed the deal based on a 6% quote – locked at application - and Meridian came back and lowered the rate later in the process thanks to its portfolio capabilities.
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, California, and Texas. 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 2,350 transactions in 2007, totaling over $16.5 billion.
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