Meridian Capital Group, America’s most active debt broker, arranged $34.5 million in construction take-out financing for the Dwell Nona Place luxury multifamily property located in Orlando, FL on behalf of The Klein Company.
The seven-year Freddie Mac loan, provided by Capital One Multifamily Finance, features a fixed rate of 4.07% and one year of interest-only payments. This transaction was negotiated by Meridian Senior Vice Presidents, Max Beyderman, who is based in the company’s Boca Raton, FL office and David Cohen, who works out of the Iselin, NJ office.
Dwell Nona Place, located at 10207 Dwell Court, is a four-story, 274-unit luxury apartment community in Southeast Orlando. The property consists of distinctive one-, two- and three-bedroom apartments, as well as three-bedroom townhomes. Each unit features a modern designer kitchen, ceiling fans, wood flooring, a screened-in porch or balcony and an in-unit washer and dryer. Residents enjoy exceptional amenities, including a resort-style pool with cabanas, outdoor grilling areas, a beach area, walking trails, a playground and a car care center. The 10,000 square foot clubhouse features an athletic club with a sports court, a yoga space, a game room, a state-of-the-art-fitness center, as well as a business and conference center. The Dwell Lake Nona apartment homes are situated directly across from Lake Nona High School and are one mile south of Route 417, providing a short commute to Medical City. Construction began in October 2014 and was completed March 2016.
“Dwell Nona Place is a stunning multifamily asset, which recently completed its lease-up and added another high-quality asset to the Dwell brand, created by the Klein Company,” explained Mr. Beyderman. “Meridian was pleased once again to work with the stellar team at The Klein Company in procuring timely financing that reflected the strong lease-up velocity,” he said. “Additionally, we were able to capitalize on a dip in U.S. treasuries to secure very efficiently priced long-term debt at the same time that the property began exhibiting its full potential,” added Mr. Cohen.
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