Meridian Capital Group, America’s most active dealmaker, arranged $262.5 million of debt financing for the Milani Apartments and Pistoia Apartments, two under-development mid-construction multifamily projects in Irvine, CA on behalf of TA Partners.
The five-year, full-term interest-only loans were provided by an affiliate of Mack Real Estate Credit Strategies, L.P. Meridian Senior Managing Director, Drew Anderman, Director, Alan Blank, and Vice President, Naphtali Marrus, who are all based out of Meridian’s New York City Headquarters, negotiated the financing.
“Our team specializes in complex transactions that drive real value for our clients. This recapitalization is reflective of this expertise as any mid-construction takeout requires a deep understanding of the development plan, budget and timeline in order to bring a new lender into a project with so many moving parts. In this case, we did our diligence upfront and went to the market confidently to source value-add financing for these two market-leading developments on behalf of top-tier sponsorship. Ultimately, we leveraged the value created in the projects to-date to relieve our client from putting in additional equity and provide adequate time to complete and lease the assets in preparation for putting on permanent financing,” said Mr. Anderman.