Wednesday, September 7, 2016

Meridian Capital Group Arranges $23.9 Million in Permanent Financing for the Purchase, Renovation and Partial Buyout of a Fractured Condominium in Tamarac, FL

Jay Jacobovitch
New York, NY.  Sept. 7, 2016 – Meridian Capital Group, America’s most active debt broker, arranged $23.9 million in permanent financing for the purchase, renovation, and partial buyout of a fractured condominium located in Tamarac, FL.

The three-year bridge loan features a LIBOR-based floating rate, beginning at 5.06%, with full-term interest-only payments. 

This transaction was negotiated by Meridian Senior Vice President, Barry Lefkowitz and Senior Vice President, Jay Jacobovitch, who are both based in the company’s Iselin, NJ office.

Jasmine at Tamarac, located at 8560 NW 61st Street in Tamarac, FL, is a two-story garden style property, totaling 222 rental units and 69 sold condos. The property offers a wide range of amenities, including a business center, laundry facility, swimming pool, fitness center and access to public transportation.

“The property is a fractured condo complex, where the borrower is purchasing the rental units and intends to rehabilitate those units in order to raise rents,” said Mr. Lefkowitz.

“The borrower also plans to buy out all of the existing condominium owners, renovate their units and convert the property to a fee-simple multifamily complex,” he added. “The lender has agreed to a loan which will fund 75% of the purchase and rehabilitation cost, in addition to funding 75% of the borrower’s future purchases of the remaining condo units.”

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

Jonathan Stern
Meridian Capital Group

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