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| Crystal Lakes Apartments, 2545 NW 207th Street, Miami Gardens, FL |
Boca Raton, FL, Dec. 11, 2014 – Meridian Capital Group, LLC,
a leading national commercial real estate finance and advisory firm, negotiated
$25.5 million in CMBS financing for the cash out refinance of the Crystal
Lakes Apartments, a multifamily property located in Miami Gardens, FL on
behalf of Ytech International.
The 10-year CMBS loan features a competitive fixed-rate of
4.89% and five years of interest-only payments, with a 30-year amortization
schedule.
This transaction was negotiated by Meridian Capital Group Managing
Director, Michael Brown, and Loan Originator, Brad Beattie, who
are both based in the Company’s Boca Raton, FL office.
Crystal Lakes Apartments totals 491 units and is located at
2545 NW 207th Street in Miami Gardens, FL.
The sponsors recently completed a
full rehabilitation and re-tenanting of the property. Crystal Lakes Apartments
is conveniently located next to two major attractions, the Calder Race Track
and Sunlife Stadium.
“After being underwritten using trailing three-months
income, we were able to negotiate a substantial cash out and very aggressive
loan terms including five years of interest-only payments at a sub-7.5% debt
yield,” said Mr. Brown.
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| Calder Race Track, Hialeah, FL |
Founded in 1991, Meridian Capital Group, LLC is one of the
nation’s largest commercial real estate finance and advisory firms.
Meridian is
headquartered in New York with offices in New Jersey, Maryland, Illinois,
Florida and California.
Working with a broad array of capital providers,
Meridian arranges financing for transactions ranging from $1 million to more
than $500 million for multifamily, co-op, office, retail, hotel, mixed-use,
industrial, healthcare, student housing, self-storage and construction
properties. www.meridiancapital.com
For a complete copy
of the company’s news release, please contact:
Jonathan Stern
Meridian Capital Group, LLC
212/972-3600
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