May 24, 2018
Meridian Capital Group, America’s most active dealmaker, arranged $37.5 million in financing for the refinance of two multifamily properties located in Savannah, GA, and Lexington, KY.
The seven-year loan for the Savannah property features a fixed rate and two years of interest-only payments, while the seven-year loan on the Lexington property features a floating rate and a 30-year amortization schedule. Both Freddie Mac loans were provided by Capital One Multifamily Finance and closed in only 30 days. Meridian Senior Managing Director, Seth Grossman, and Vice President, Sarah Kuebler, who are both based in the company’s Solana Beach, CA office, negotiated the financing for this transaction.
Located at 8000 Waters Avenue in Savannah, GA, the property consists of 200 one- and two-bedroom units featuring oversized closets, vaulted ceilings, wood burning fireplaces, balconies, extra storage, and king-sized bedrooms in addition to amenities such as a resort-style swimming pool, business and fitness centers, reserved parking, and laundry facilities. Located just south of midtown Savannah, the property is in close proximity to an abundance of residential neighborhoods, quality restaurants and a number of unique, locally owned shops. South University, which enrolls approximately 17,000 students annually, is also just a five-minute walk from the property.
The Enclave in Lexington, KY is comprised of 230 one-, two-, and three-bedroom units with hardwood-style flooring, oversized closets, private patios and balconies, remodeled kitchens, sunrooms, and ventless fireplaces. The property also offers an array of community benefits, including 24-hour emergency maintenance, a cyber café complete with coffee and WiFi, media and business centers, a dog park, and more. The Enclave is situated near several shopping centers and grocery stores and is a 10-minute drive from the University of Kentucky, the state’s largest university with a student body of more than 30,000.
Founded in 1991, Meridian Capital Group is America’s most active deal maker and one of the nation’s leading commercial real estate finance and investment sales firms. In 2017, Meridian closed over 3,000 debt transactions across more than 200 unique lenders and sold nearly $1 billion in commercial property. Since inception, the company has closed more than $300 billion in financing with the full complement of capital providers, encompassing local, regional and national banks, CMBS lenders, agency lenders, mortgage REITs, life insurance companies, credit unions and private equity funds. Meridian represents many of the world’s leading real estate investors and developers and the company’s expansive platform has specialized practices for a broad array of property types including office, retail, multifamily, hotel, mixed-use, industrial, healthcare, student housing and self-storage properties. Meridian is headquartered in New York City with offices in New Jersey, Maryland, Illinois, Ohio, Florida and California. www.meridiancapital.com