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| Jonathan Zilber |
New York, NY, July 27,
2016 – Meridian Capital Group, America’s most active debt broker, arranged
$19.5 million in permanent financing for the refinance of a multifamily
property located in North Miami Beach, FL.
The three-year loan,
provided by a balance sheet lender, features a competitive fixed rate of 3.10%
and one year of interest-only payments. This transaction was negotiated by
Meridian Senior Vice Presidents, Jonathan
Zilber, based in the Company’s Cleveland, OH office and Steven Halpert, based in Meridian’s
Iselin, NJ office.
Aventura Oaks Apartments,
a three-story, 204-unit multifamily building, located at 1572 NE 191st Street
in North Miami Beach is conveniently situated in a prime area with easy access
to world renowned shopping, an array of dining and entertainment options and
famous South Florida beaches.
The property is also in
close proximity to Interstate 95, the Florida Turnpike and the Palmetto
Expressway. Aventura Oaks Apartments features a number of amenities, which
include a fitness center, lounge and pool.
“The property, purchased
in late 2014, wasn’t fully seasoned when we went to market and the client was
seeking maximum proceeds,” said Mr. Zilber. “We highlighted to the lender the
property’s prime location and stressed that 75% of the property units are being
remodeled, which will lead to significant upside,” he added. “The lender agreed
to one year of interest-only payments to improve cash flow during the
renovation process.”
For a complete copy of the company’s news release,
please contact:
Jonathan Stern
Meridian Capital Group
212/972-3600
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