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| Ocean Reef, 31 Ocean Reef Drive, Key Largo, FL |
Boca Raton, FL Oct. 14, 2013– Meridian Capital Group, LLC, a
leading national commercial real estate finance and advisory firm, negotiated a
$10.1 million mortgage for the purchase of the Ocean Reef office
property located in Key Largo, FL on behalf of a foreign sponsor.
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The seven-year loan,
provided by a local portfolio lender, features a competitive fixed-rate of 3.95%,
50% recourse, amortizes over 25 years and has no prepayment penalty.
This transaction was negotiated by Meridian Capital Group
Director, Noam Kaminetzky, who is based in the Company’s Boca Raton, FL
office.
Ocean Reef is
composed of three multi-story office buildings totaling more than 30,000 square
feet and is located at 31 Ocean Reef Drive. Notable tenants include Bank
of America, Northern Trust, The UPS Store and The Chamber of Commerce.
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| Key Largo, FL |
“An unusual
challenge in negotiating this loan was the fact that many tenants lease their
space on a month-to-month basis and Meridian had to clearly illustrate
mitigants to this risk to win this transaction,” said Mr. Kaminetzky.
"Additionally,
rates significantly increased from the time the loan was put under application,
but Meridian's unique and long-standing relationship with the lender ensured
that the rate was honored and the loan was closed as quoted," he
added.
For a complete
copy of the company’s news release, please contact:
Jonathan M. Stern
Managing Director
Meridian Capital Group, LLC
1 Battery Park Plaza, 26th Floor
New York, NY 10004
Direct: 212.612.0181
Fax: 212.201.5181
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