Meridian Capital Group, America’s most active debt broker, negotiated $14.4 million in agency financing for the acquisition of Carrollwood Palms multifamily property located in Tampa, FL on behalf of Blue Rock Premier.
The seven-year, non-recourse loan, features a floating interest rate and two years of interest-only payments, and was negotiated by Meridian Managing Director, Seth Grossman and Vice President, Sarah Kuebler, who are both based in the company’s Carlsbad, CA office.
“Meridian’s extensive multifamily experience in the market helped to identify the best financing option for our client,” explained Mr. Grossman. “The lender recognized the strength of the sponsorship, and provided acquisition financing that will allow the borrower to successfully execute their renovation and business plan,” he added.
Carrollwood Palms, located at 4302 Gunn Highway in Tampa, is a two-story, 204-unit multifamily property, consisting of one- and two- bedroom apartments. Each unit features a fully equipped kitchen, a patio or a balcony and a fire place. Community amenities include a swimming pool, clubhouse, fitness center with a sauna, tennis courts, volleyball courts, a business center and a billiard room. Carrollwood Palms provides direct access to major transportation corridors, including Interstate 75, Veterans Expressway and Suncoast Parkway. Tenants enjoy close proximity to the Tampa International Airport and Downtown Tampa, which offers a variety of restaurants, shops and museums.
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