Tuesday, October 11, 2016

Meridian Capital Group Arranges $3.2 Million in Acquisition Financing for the Purchase of a Multifamily Property in West Palm Beach, FL

Blue Heron Apartments, 1500 West Blue Heron Boulevard, Riviera Beach, FL.

New York, NY – Meridian Capital Group, America’s most active debt broker, arranged $3.2 million in acquisition financing for the purchase of a multifamily property located in West Palm Beach, FL on behalf of Maxiplex LLC.

The five-year non-recourse loan, provided by a balance sheet lender, features a fixed rate of 3.30% and a step-down prepayment penalty. This transaction was negotiated by Meridian Vice President, Peter Martz, who is based in the company’s Boca Raton, FL office.

Peter Martz
Blue Heron Apartments, is located at 1500 West Blue Heron Boulevard in Riviera Beach, FL. The five two-story apartment buildings total 72 units and are 33% occupied by month-to-month tenants. The property was acquired by foreign national borrower whose plans included significant capital improvements to boost income as well as new lease requirements for tenants.

“As a result of detailed plans for future renovations we were able to negotiate 79% of the current appraised value with the lender,” explained Mr. Martz. “Meridian was able to prevent the deferred maintenance from affecting the client’s proceeds,” he added.

“We emphasized the overall value of the property and came up with a creative solution with the lender and borrower and closed the transaction in less than 60 days.”

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

Jonathan Stern
Meridian Capital Group

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