St. PETERSBURG, FL - Meridian Capital Group has arranged a loan in the amount of $12,080,000 for the acquisition of Emerald Bay Apartments (top right photo).The property consists of 39 buildings totaling 320 units located on 38th Avenue South.
Michael Brown and Brad Gladsden of Meridian’s Florida office negotiated to secure a fixed rate of 5.71% over a 5-year term with 2 years of interest only, non-recourse, and no replacement reserves.
This is the 6th transaction Meridian has completed for the client.
Founded in 1991, Meridian Capital Group LLC is one of the nation’s largest mortgage brokerages serving the multifamily and commercial real estate sectors.
The company is based in New York City with additional offices in New Jersey, Pennsylvania, Maryland, Illinois, Florida, California, and Texas.
Working with a wide variety of lenders, Meridian finances transactions ranging from $500,000 to more than $500 million for multifamily, co-op, office, retail, hotel, healthcare, self-storage, industrial, and construction properties.
Nationally, Meridian reported more than 2,350 transactions in 2007, totaling over $16.5 billion.
Contact: Dani Sabesan, (212) 612-0109 dsabesan@meridiancapital.com
Contact: Dani Sabesan, (212) 612-0109 dsabesan@meridiancapital.com
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