Oct 25, 2017
Meridian Capital Group, America’s most active dealmaker, negotiated $23.7 million in balance sheet financing to refinance The Atrium, a multifamily and retail property located in Miami, FL, on behalf of PMC Property Group.
The seven-year fixed-rate loan, provided by a New York-based balance sheet lender, features a rate of 3.75%. This transaction was negotiated by Meridian Senior Vice Presidents, David Fisher and Scott Jackson.
The Atrium, located at 150 SE 3rd Avenue, is a newly revitalized 107-unit, five-story, loft-style multifamily building in the heart of downtown Miami that includes 24,629 square feet of ground floor retail space. The commercial space is fully occupied by well-known tenants including CVS, Starbucks, Pizza Hut and other local restaurants and shops. With its prime downtown location, The Atrium offers residents a broad range of shopping and dining opportunities in the immediate vicinity and boasts walking access to some of Miami’s most sought after destinations, including Bayside, American Airlines Arena, Biscayne Bay, and Brickell Avenue. Surrounded by the SunTrust International Center, Wachovia Financial Center, and Bank of America Financial Center, The Atrium is a true downtown “walk to work” residence. The property also offers easy access to Metrorail, Metromover, Biscayne Boulevard, the Port of Miami, and I-95. The immediate area surrounding The Atrium has seen significant recent development in office, retail, mixed-use, and multifamily complexes, including over 2,000 new residential units in the past several years.
“The asset included a large portion of retail revenue, which eliminated certain lenders who we would normally consider,” explained Mr. Fisher. “Nevertheless, due to Meridian’s broad lender relationships, we were able to negotiate a balance sheet loan, with no restrictions on commercial income, to provide a multifamily-priced seven-year loan with maximum flexibility and no reserve requirements.”
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