Meridian Capital Group, America’s most active dealmaker, arranged $21.7 million in ground-up construction financing for the development of the Avery Place at Pompano multifamily property in Pompano Beach, FL, on behalf of the Meyers Group.
The three-year construction loan, provided by a balance sheet lender, features a floating rate of 3.50% over 30-day LIBOR, full-term interest-only payments and two one-year extension options. This transaction was negotiated by Meridian Managing Director, Noam Kaminetzky, based in the company’s Boca Raton, FL office and Senior Vice President, Sam Grunberger, who is based in Meridian’s Iselin, NJ office.
Avery Place at Pompano, located at 225 North Federal Highway, is situated in a prime location right off of Federal Highway in Pompano Beach. The Meyers Group had the opportunity to purchase the land adjacent to an existing parking garage that will provide parking for future tenants. Upon completion, the 163,000 square foot property will be an eight-story class-A multifamily property, with 145 luxury rental units and an attached garage. Amenities will include a multi-function room, billiards and media room, a fitness center including a yoga room, lushly landscaped pool and garden area with grilling stations, cabanas, a waterfall, and a fire pit.
“Despite construction loans becoming increasingly more difficult to come by in this market, Meridian was able to leverage its relationship with a balance sheet lender to help secure financing for this exceptional project,” said Mr. Kaminetzky. “In collaboration between Meridian’s Florida and New Jersey offices, we were able to successfully facilitate the closing,” said Mr. Grunberger. “It was a pleasure and an honor to work with The Meyers Group, a very prominent and successful developer and operator of multifamily properties,” he added. “I look forward to seeing Avery Place completed, as I am confident that it will become a stunning asset.”
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