May 10, 2018
Meridian Capital Group, America’s most active dealmaker, arranged $40 million in financing to refinance a multifamily property in Corpus Christi, TX, on behalf of Watermark Residential.
The 10-year, non-recourse loan features an 80% loan-to-value, full-term interest-only payments, and a favorable fixed-rate. This transaction was negotiated by Meridian Senior Vice Presidents, Peter Martz and Akiva Friend, and Senior Managing Director, Israel Schubert.
Located at 5721 Timbergate Drive, The Retreat by Watermark consists of one-, two-, and three-bedroom luxury apartments in three-story garden-style buildings. All units are equipped with private balconies, washers and dryers, granite countertops, walk-in closets, and stainless-steel appliances, in addition to community amenities including a fitness center, movie room, covered parking, resort-style swimming pool and entertainment area with gas grills, valet trash service, a game room with billiards, and on-site maintenance. The property is conveniently located among a plethora of grocery stores, shopping centers, restaurants, and schools.
Corpus Christi is a waterfront city located on the Corpus Christi Bay and the Gulf of Mexico in TX, 130 miles southeast of San Antonio. The city is the eighth most populous in the state, with more than 320,000 residents, and contains the Port of Corpus Christi, which is one of the largest ports in the country. The area is easily accessible via the Corpus Christi International Airport, which is a 20-minute drive from The Retreat by Watermark.
“The teamwork between the Watermark and Meridian teams was instrumental in getting this extremely competitive deal across the finish line,” said Mr. Schubert. “Meridian’s market knowledge, coupled with Watermark’s willingness to go above and beyond with every request, was the driving force behind the success of this transaction.”
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 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