Meridian Capital Group has arranged $60.4 million in financing to refinance Lake Mary Apartments in Lake Mary, FL. The borrower constructed the property in 1985 and has operated it ever since.
The transaction was negotiated by Zev Feder and Satyam Patel with Meridian Capital Group. The seven-year loan was provided by a balance sheet lender and features five years of interest-only payments.
“This transaction outlines Meridian’s strong relationship with balance sheet lenders in a volatile interest rate market,” said Feder. “Meridian was able to close this refinance within 90 days and with the rate locked at 4.44%.”
The garden-style property features over 400 one-, two-, and three-bedroom units and includes clubhouse, two tennis courts, a fitness center, a business center, and two swimming pools. Lake Mary, a suburb of Orlando, is known for its beautiful scenery, award-winning school system, well-planned residential communities, shopping and prominent business headquarters.