Meridian Capital Group, America’s most active dealmaker, arranged $92 million in financing to refinance a multifamily portfolio consisting of four properties in Newark, Dover, and Wilmington, DE.
The three 10-year Freddie Mac loans, provided by Capital One Multifamily Finance, feature rates of 2.98% and full-term interest-only payments. These transactions were negotiated by Meridian Senior Managing Director, Israel Schubert, and Vice President, Josh Munk, who are based in the company’s Iselin, NJ office. Vice President, Marc Soto, led the financing on behalf of Capital One.
The portfolio consists of Woodmill Apartments at 1300 South Farmview Drive and Baytree Apartment Homes at 218 Bay Tree Road in Dover, DE; Village of Canterbury at 900 Rembrandt Circle in Newark, DE; and Arundel Apartments at 3009 Crossfork Drive in Wilmington, DE. The four garden-style multifamily properties stand two and three stories tall and total 902 one-, two-, and three-bedroom apartments featuring amenities ranging from in-unit washers and dryers, private patios and balconies, swimming pools, fitness centers, picnic areas, and resident lounges. The sponsor of the properties is a large owner, developer and operator focused primarily on Delaware.
“Despite the challenges and hurdles encountered as a result of COVID-19, Meridian was able to negotiate a truly remarkable large cash-out refinance featuring full-term interest-only payments at rates below 3.00% during the height of the pandemic,” said Mr. Munk.