The 10-year loan, provided
by a CMBS lender, features a competitive fixed-rate and five years of
interest-only payments. This transaction was negotiated by Meridian Managing
Director, Noam Kaminetzky, who is
based in the Company’s Boca Raton, FL office.
The four multifamily
properties total 31 units and are of only a few nearby properties that
currently hold hotel licenses for short-term rental use. Located in the South
Beach neighborhood at 1536 Jefferson Avenue, 1440 Pennsylvania Avenue, 1534
Euclid Avenue and 1032 Michigan Avenue, the properties are situated just blocks
from Miami’s trendiest restaurants, nightclubs, beaches and boutiques.
“The borrower had this
deal in process with another lender who changed the structure with less than 30
days before the scheduled closing,” explained Mr. Kaminetzky. “When approached
by the sponsor, Meridian secured a term sheet within days and quickly closed
the loan in a tight timeframe,” he added.
Founded in 1991, Meridian
Capital Group is America’s most active debt broker and one of the nation’s
leading commercial real estate finance advisory firms.
In 2015, Meridian closed
over 3,900 loans totaling more than $35 billion in transaction volume with 210
unique lenders, equating to $135 million per business day.
For a complete copy of the company’s news release,
please contact:
Jonathan Stern
Meridian Capital Group
212/972-3600
www.meridiancapital.com
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