MERIDIAN CAPITAL ARRANGES $31.8 MILLION IN FINANCING FOR PENNSYLVANIA MULTIFAMILY PROPERTY
Warminster, PA - Meridian Capital Group recently arranged financing in the amount of $37,800,000 for Bucks Landing Apartments, a three-story multifamily building containing 456 units located at 120 East Street Road. Israel Schubert and Russ Drebin of Meridian’s New Jersey office negotiated to secure a rate of 5.92% over a ten-year term. The extensive renovations made to the property by the owners over the last three years enabled Meridian Capital Group to increase the loan significantly since its purchase.
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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 2,500 transactions in 2006, totaling over $17 billion.
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