Tuesday, October 20, 2015

Meridian Capital Group Arranges $36 Million in CMBS Financing for the Refinancing of The Park at Murano and The Park at Veneto in Fort Myers, FL

Sarah Kuebler
 Carlsbad, CA, Oct. 20, 2015, – Meridian Capital Group, America’s most active debt broker, negotiated two loans totaling $36 million to refinance The Park at Murano and The Park at Veneto, two multifamily properties located in Fort Myers, FL. 

The refinances were negotiated on behalf of a partnership between Blue Rock Partners, LLC, Konover South, and Stonecutter Capital Management, LLC.

The five-year loans, provided by a CMBS lender, feature fixed-rates and 18 months of interest-only, followed by 30-year amortization schedules. 

These transactions were negotiated by Meridian Managing Director, Seth Grossman, and Vice President, Sarah Kuebler, who are both based in the Company’s Carlsbad, CA office.

The Park at Murano and The Park at Veneto are located at 3891 Solomon Boulevard and 4757 Barkley Circle, respectively, and together total 512 units. The properties were purchased 18 months ago, and since then, the sponsors have significantly renovated the properties and meaningfully increased their financial performance. 

Seth Grossman
These improvements allowed loan proceeds to be increased dramatically from the acquisition financings, while locking in interest-only payments at very attractive rates.

“The sponsorship team has done a phenomenal job improving the assets over the 18 months since acquisition and was able to take advantage of liquidity in the capital markets and lock in excellent five-year fixed rate loans,” said Mr. Grossman.

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

Jonathan Stern
Meridian Capital Group

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