Wednesday, July 27, 2016

Meridian Capital Group Arranges $19.5 Million in Permanent Financing for the Refinance of a Multifamily Property in North Miami Beach, FL

Jonathan Zilber
New York, NY, July 27, 2016 – Meridian Capital Group, America’s most active debt broker, arranged $19.5 million in permanent financing for the refinance of a multifamily property located in North Miami Beach, FL.

The three-year loan, provided by a balance sheet lender, features a competitive fixed rate of 3.10% and one year of interest-only payments. This transaction was negotiated by Meridian Senior Vice Presidents, Jonathan Zilber, based in the Company’s Cleveland, OH office and Steven Halpert, based in Meridian’s Iselin, NJ office.

Aventura Oaks Apartments, a three-story, 204-unit multifamily building, located at 1572 NE 191st Street in North Miami Beach is conveniently situated in a prime area with easy access to world renowned shopping, an array of dining and entertainment options and famous South Florida beaches.

The property is also in close proximity to Interstate 95, the Florida Turnpike and the Palmetto Expressway. Aventura Oaks Apartments features a number of amenities, which include a fitness center, lounge and pool.

“The property, purchased in late 2014, wasn’t fully seasoned when we went to market and the client was seeking maximum proceeds,” said Mr. Zilber. “We highlighted to the lender the property’s prime location and stressed that 75% of the property units are being remodeled, which will lead to significant upside,” he added. “The lender agreed to one year of interest-only payments to improve cash flow during the renovation process.”

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

Jonathan Stern
Meridian Capital Group

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