Meridian Capital Group, America’s most active deal maker, negotiated $2.5 million in bridge financing for the acquisition of a West Hartford, CT multifamily portfolio on behalf of Stephan Gashi.
The one-year loan, provided by Cerco Funding, features full-term interest-only payments. This transaction was negotiated by Meridian Senior Vice President, Simon Rosenfeld and Associate, Craig Berger, who are both based in the company’s New York City headquarters.
The portfolio consists of four residential buildings, which are located at 1050-1052 Farmington Avenue, 1058-1060 Farmington Avenue, 4-6 Arlington Road and 3-5 Grennan Road. The properties are all two-stories, built in 1947 and total 16 units and are conveniently situated in the heart of historic West Hartford, offering residents close proximity to local restaurants and a prime shopping area. The properties are located a short distance from the Yankee Expressway and Interstate 91, which provides primary north-south thoroughfare in the western part of New England.
“We were presented with an extremely tight deadline, as the client was approaching a 1031 expiration date and had to complete the loan closing in five business days,” said Mr. Rosenfeld. “By utilizing our lender relationships we were able to meet the client’s exceptionally short time line,” he added.
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