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| Valencia at Springs Branch Apartments, 9550 Long Point Road, Houston, TX |
Boca Raton, FL, Nov. 12, 2013,– Meridian Capital Group, LLC,
a leading national commercial real estate finance and advisory firm, negotiated
a $19.5 million mortgage for the purchase of four multifamily properties
located in Houston, TX.
The five-year,
non-recourse loan features a fixed-rate of 5.10% and was provided by a CMBS
lender. This transaction was negotiated by Meridian Managing Director, Michael
Brown, and Associate, Brad Beattie, who are located in the Company’s
Boca Raton, FL office.
The portfolio is
composed of four properties totaling 984 units including: the 228-unit Valencia
at Spring Branch Apartments located at 9550 Long Point Road, the 300-unit Pine
Creek Apartments located at 470 Maxey Road, the 192-unit Forest
Apartments located at 22820 Imperial Valley Drive, and the 264-unit Kirkwood
Landing Apartments located at 9850 South Kirkwood Drive.
“Meridian arranged
this financing package prior to the full renovation and re-stabilization of the
assets,” said Mr. Brown. “The sponsor acquired the debt, foreclosed on the loan
and was well into the repositioning and lease-up of these assets at the time of
this sale,” he added.
“In addition to
negotiating financing for the portfolio at this stage of its repositioning,
Meridian was able to close the loan in 35 days from start to finish,” Mr.
Beattie added.
For
a complete copy of the company’s news release, please contact:
Jonathan M. Stern
Managing Director
Meridian Capital Group, LLC
1 Battery Park Plaza, 26th Floor
New York, NY 10004
Direct: 212.612.0181
Fax: 212.201.5181
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