Meridian Capital Group Arranges $28.2M in Acquisition Financing for Condo Package in Pompano Beach, FL

POMPANO BEACH, FL - On behalf of the Chetrit Group and Read Property Group, Meridian Capital has secured $28,200,000 of first mortgage financing for the acquisition of 138 residential condominium units and 22,400 square feet of retail space located in The Plaza at Oceanside (photo below) in Pompano Beach, Florida.

 Ladder Capital, a specialty finance company focused on the commercial real estate sector, provided the non-recourse loan with a two-year term. Meridian and certain affiliates are founding and strategic partners in Ladder.

The Plaza at Oceanside is a newly constructed luxury building containing 186 residential units. The property offers both direct ocean and Intracoastal views and has an unparalleled level of amenities including a lagoon style zero-edge pool, fitness center, virtual golf room and a wine tasting lounge.

Despite ongoing challenges in the market, Meridian worked closely with Ladder and the borrower to fashion a creative financing in a tight time frame. Ronnie Levine, a Managing Director resident in Meridian’s New York office, spearheaded the placement.

Contact: Dani Sabesan, (212) 612-0109, dsabesan@meridiancapital.com