FOR IMMEDIATE RELEASE
Meridian Capital Group Arranges $5.6 Million in Acquisition Financing for the Purchase of the Portside Apartments Multifamily Complex in Dundalk, MD
November 1, 2017, New, York â€“ Meridian Capital Group, Americaâ€™s most active dealmaker, arranged $5.6 million in acquisition financing for the purchase of the Portside Apartments multifamily complex in Dundalk, MD, on behalf of Matt Teichman of BCI Capital.
The 36-month loan, provided by a regional balance sheet lender, features a floating-rate of 210 basis points over 30-day LIBOR and two one-year extension options. This transaction was negotiated by Meridian Vice President, Isaac Filler, who is based in the companyâ€™s New York City headquarters.
The property, located at 2125 Cameron Drive, is a 104,560-square foot, three-story garden apartment complex, consisting of 150 units in a historic suburb of Baltimore. Portside Apartments offers an array of amenities, including a business center, spacious lounge, a beautiful courtyard, controlled access entry, laundry facilities, a fitness center with cardio equipment and free weights, a clubhouse, resident events and activities, a playground, onsite maintenance and management, off-street parking, and more. Apartment amenities include upgraded kitchens with contemporary appliances, refrigerators and dishwashers, as well as carpeting, plank flooring, cable-ready spaces, window coverings, wheelchair access, and a great location in close proximity to shopping, restaurants, and other attractions.
The garden apartment complex is just a short distance from major highways, including Interstate-695, Interstate-95, and Interstate-895. There are also two bus stops within walking distance: the Dundalk Avenue and Woods Parkway stop and the Dundalk Avenue and Thruway NB stop. Residents also enjoy sprawling North Point State Park which offers scenic views of the Chesapeake Bay.
â€œMeridian was able to negotiate a highly favorable rate and strong terms for this transaction by engaging a Northeast lender to extend their multifamily lending program in the Mid-Atlantic region,” said Mr. Filler.
Founded in 1991, Meridian Capital Group is Americaâ€™s most active deal maker and one of the nationâ€™s leading commercial real estate finance and investment sales firms. In 2016, Meridian closed $35 billion in loan volume and sold over $2 billion in commercial properties. Since inception, the company has closed more than $270 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 worldâ€™s leading real estate investors and developers and the companyâ€™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