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| Lake Azzure Condominiums, 8505 Lincoln Cove Drive, Tampa, FL |
New York, NY, Oct. 14, 2015,– Meridian Capital Group, America’s
most active debt broker, negotiated $18.8 million in acquisition financing for
the purchase of the majority of the units at the Lake Azzure condominium property located in Tampa, FL.
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| Shaya Ackerman |
The $18.8 million,
seven-year loan was provided by a regional balance sheet lender and features a
rate of 3.75% and two years of interest-only payments. This transaction was
negotiated by Meridian Capital Group Managing Director, Shaya Ackerman, who is based in the Company’s New York City
headquarters.
Built in 1972, the
24.5-acre Lake Azzure Condominium Community is composed of 368 units, of which
332 serve as collateral for the loan. The property features two swimming pools,
a jacuzzi, outdoor barbeque and lounge area, 24-hour fitness center, community
center with conference room and a 16-acre lake with two fishing docks.
Lake Azzure is located at 8505 Lincoln Cove Drive, just off of
Dale Avenue, Tampa’s primary retail corridor and in close proximity to numerous
shopping and entertainment venues. Tenants and owners at the property benefit
from convenience access to Interstate 275 and Veterans Expressway.
“Despite the fractured
nature of this property, where our client acquired over 90% of the units, Meridian
was able to navigate the complex ownership structure and negotiate favorably
priced acquisition financing,” said Mr. Ackerman. “Furthermore, we obtained two
years of interest-only payments which will benefit the execution of the
business plan for this asset,” he added.
For a complete copy of the company’s news release,
please contact:
Jonathan Stern
Meridian Capital Group
212/972-3600
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