White Eagle Property Group has landed a $315 million Fannie Mae-backed debt package to refinance six multifamily properties stretching from the Midwest to the Southeast, Commercial Observer has learned.
Capital One Multifamily Finance supplied the 10-year, fixed-rate Fannie Mae loan that features five years of interest-only payments for White Eagle’s six-asset apartment complex portfolio in Florida, Indiana, North Carolina and Tennessee.
Meridian Capital Group arranged the transaction with a team led by Jacob Katz, Abe Hirsch and Daniel Hofstedter.
“Meridian’s brokers and Capital One’s Haig Kilicyan were able to rate-lock this portfolio within 24 hours of signing the term sheet with Fannie Mae, locking in the index and spread at a favorable low rate prior to the 10-year Treasury’s dramatic increase taking effect,” Hirsch said in a statement.
The refinanced portfolio includes Florida properties Reserves of Melbourne in Melbourne, The Harbours in Melbourne, and Barber Park in Orlando, which together total 1,352 units. It also consists of the 256-unit Greenfield Village in Greenfield, Ind., 369-unit Haven at Research Triangle Park in Durham, N.C. and 26-unit Preakness Apartments in Antioch, Tenn.
Monsey, N.Y.-based White Eagle Property Group has worked with Meridian on roughly $1 billion in recapitalization deals during the past six months, according to its CEO, Jeffrey M. Weiskopf. The firm owns and operates more than 12,000 apartments along the Eastern U.S. with a combined value in excess of $3.5 billion.
“This strategic refinance will provide us with the opportunity to inject additional capital in all six of the assets,” Abe Spitz, COO of White Eagle, said in a statement. “We are proud of our value-add execution, which has yielded solid returns for our investors.”