Wednesday, October 14, 2015

Meridian Capital Group Arranges $18.8 Million in Acquisition Financing for the Lake Azzure Fractured Condominium Property Located in Tampa, FL

Lake Azzure Condominiums, 8505 Lincoln Cove Drive, Tampa, FL

 New York, NY,  Oct.  14, 2015,– Meridian Capital Group, America’s most active debt broker, negotiated $18.8 million in acquisition financing for the purchase of the majority of the units at the Lake Azzure condominium property located in Tampa, FL.

Shaya Ackerman
The $18.8 million, seven-year loan was provided by a regional balance sheet lender and features a rate of 3.75% and two years of interest-only payments. This transaction was negotiated by Meridian Capital Group Managing Director, Shaya Ackerman, who is based in the Company’s New York City headquarters.

Built in 1972, the 24.5-acre Lake Azzure Condominium Community is composed of 368 units, of which 332 serve as collateral for the loan. The property features two swimming pools, a jacuzzi, outdoor barbeque and lounge area, 24-hour fitness center, community center with conference room and a 16-acre lake with two fishing docks.

Lake Azzure is located at 8505 Lincoln Cove Drive, just off of Dale Avenue, Tampa’s primary retail corridor and in close proximity to numerous shopping and entertainment venues. Tenants and owners at the property benefit from convenience access to Interstate 275 and Veterans Expressway.

“Despite the fractured nature of this property, where our client acquired over 90% of the units, Meridian was able to navigate the complex ownership structure and negotiate favorably priced acquisition financing,” said Mr. Ackerman. “Furthermore, we obtained two years of interest-only payments which will benefit the execution of the business plan for this asset,” he added.

For a complete copy of the company’s news release, please contact:

Jonathan Stern
Meridian Capital Group

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