Meridian Capital Group, America’s most active deal maker, arranged $26.2 million in acquisition financing for The Tower and The Lofts at OPOP, luxury multifamily properties in Saint Louis, MO, on behalf of Strategic Properties of North America, who were recently recognized as one of Chicago’s top seven commercial real estate buyers.
The 10-year loans feature fixed rates of 4.79% and 4.84% and five years of interest-only payments. Both transactions were negotiated by Meridian Managing Director, Shaya Ackerman, Senior Vice President, Shaya Sonnenschein and Associate, Alex Izso, who are all based in the company’s New York City headquarters.
The properties, located at Old Post Office Plaza in prime downtown Saint Louis, contain a total of 181 units. The Tower is a newly constructed 25-story premier high-rise building consisting of 128 luxury apartments. The Lofts is a fully rehabilitated historic building with 53 luxury apartments and unique live and work spaces. Both properties feature a variety of high-end amenities, remarkable views, and both are within walking distance to all of downtown Saint Louis’ attractions, restaurants, shops and nightlife.
“The Tower is the first new multifamily construction in downtown Saint Louis in over 50 years and The Lofts is a beautifully rehabilitated historic building, making them both truly unique assets in the market,” said Mr. Ackerman. “Both properties’ prime locations and high-end amenities make these attractive assets for the borrower and the lenders, which helped in negotiating favorable terms,” he explained. “Meridian was able to secure long-term fixed-rate financing even though the properties were not yet stabilized,” he added. “The high-leverage loans and the below 5.00% interest rates, with five years of interest-only payments, represent market-leading financing terms that allow the sponsor to maximize the return on its investment.”
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