Meridian Capital Group, America’s most active dealmaker, arranged $35.5 million in construction takeout financing for the Shalimar at Davie luxury multifamily property located in Davie, FL, on behalf of TM Real Estate Group.
The 10-year loan, provided by a national life insurance company, features a fixed rate of 4.04% and full-term interest-only payments. This transaction was negotiated by Meridian Managing Director, Noam Kaminetzky and Vice President, Jason Grimm, who are both based in the company’s Boca Raton, FL office.
Shalimar at Davie, located at 4901 South University Drive, is a three-story, 240-unit multifamily community, consisting of one-, two-, and three-bedroom apartments and town homes. Each unit features nine-foot ceilings, a washer and dryer, stainless steel appliances, and wood plank floors. Community amenities include a fitness center with a yoga and a spin studio, a business center, a residents’ lounge, a resort-style pool and a grilling area. Shalimar at Davie is situated near the South University Drive and Griffin Road intersection with 330 feet of frontage on South University Drive, offering residents walking distance to a Starbucks, Walmart Supercenter and CVS Pharmacy, and a short drive from the Nova University Campus, Interstate 595, and Florida’s Turnpike.
“This transaction presented a unique challenge as the construction loan was maturing and the asset was still in lease-up,” explained Mr. Kaminetzky. “With a rising interest rate environment and no historical data to rely on, Meridian worked with the lender to create a favorable loan structure, while holding the rate for several months, until the property reached stabilization.”
“Meridian worked closely with the borrower and the lender to match the lease-up velocity with the forward rate lock in order to close the loan with the maximum interest rate protection,” said Mr. Grimm. “This allowed for more time to negotiate every aspect, resulting in a truly custom tailored solution for the client.”
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