Meridian Capital Group, America’s most active dealmaker, arranged $57.2 million in acquisition financing for seven multifamily properties in Rochester, Syracuse, and Albany, NY on behalf of Carlton Management, LLC.
The 10-year agency loan features a rate of 3.22% and six years of interest-only payments followed by a 30-year amortization schedule. This transaction was negotiated by Senior Associate, Jacob Laster, Vice President, Joel Chetner, and Managing Director, Zev Karpel, who are all based in the company’s New York City headquarters.
The multifamily portfolio is comprised of nearly 1,000 residential units spread across seven properties in Rochester, Syracuse, and Albany, NY. Located just under 15 minutes from Albany, Towers on the Hudson and Meadowbrook Apartments were built in 1970 and 1980 and total 232 recently renovated units. The Residences at Covered Bridge, Wellington Manor, and Manlius Academy Apartments are located just outside of Syracuse. Constructed between 1930 and 1968, the properties have been renovated to various levels of interior finishes and exterior improvements and consist of 483 apartments. The final two properties, Wedgewood West and Brockport Landing, are ideally situated in the Rochester Metropolitan Area and total 275 apartments, the majority of which have undergone recent renovations.
Founded in 1991, Meridian Capital Group is America’s most active dealmaker and one of the nation’s leading commercial real estate finance, investment sales and retail leasing advisors. In 2018, Meridian closed over $37 billion in financing through more than 3,500 transactions across more than 250 unique lenders and sold nearly $1 billion in commercial property. 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, and healthcare and senior housing properties. Meridian is headquartered in New York City with offices in New Jersey, Maryland, Illinois, Ohio, Florida, and California.