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| Tal Bar-Or |
New York, NY – Meridian
Capital Group, America’s most active debt broker, arranged $14.25 million in
permanent financing for the cash-out refinance of a multifamily property
located in Orlando, FL, on behalf of The Styles Group.
The three-year loan,
provided by Rialto Mortgage Finance, features a competitive rate and
interest-only payments.
This transaction was negotiated by Meridian Senior
Managing Director, Tal Bar-Or, Vice
President, Raj Khatiwala and Senior
Associate, Kyle A. Kite, who are
based in the company’s New York City headquarters.
Southern Oaks Apartments
is a recently acquired two-story, 330-unit garden-style multifamily complex,
located at 5900 Park Hamilton Boulevard. The property is situated in the heart
of Orlando where tenants enjoy close proximity to world-class dining and
shopping. Southern Oaks Apartments offers a wide variety of community
amenities, including pools, outside fitness areas, on-site laundry facilities
and a playground.
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| Raj Khatiwala |
“The borrower increased
net-cash flow tremendously in less than a year, which allowed for a very
attractive refinance,” explained Mr. Kite.
“Meridian is pleased to have worked
with The Styles Group and Rialto to tailor a solution that allowed the borrower
to take advantage of a short-term interest-only loan, to help further execute
their business plan,” he added.
“These favorable loan terms were achieved as a
result of the strong sponsorship and highly regarded management of The Styles
Group.”
P.R. Steinfurth, Principal of The Styles Group, has over fifteen years of experience in
all aspects of the multi-family real estate industry concentrating on acquiring
value add properties.
The firm focuses on increased rents through effective
property management and substantial property upgrades.
The Styles Group current
market areas for these activities are Florida and Texas. The portfolio of
multi-family units currently approximates over 2,500 rental units.
 |
| Southern Oaks Apartments, Orlando, FL |
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.
Since inception, the
company has closed more than $260 billion in financing with the full complement
of capital providers, encompassing local, regional and national banks, CMBS
lenders, agency lenders, mortgage REITs, life insurance companies, credit
unions and private equity funds.
Meridian arranges financing for many of the
world’s leading real estate investors and developers and the company’s
expansive platform has specialized practices for a broad array of property
types including office, retail, multifamily, hotel, mixed-use, industrial,
healthcare, student housing and self-storage properties.
Meridian is headquartered
in New York City with offices in New Jersey, Maryland, Illinois, Ohio, Florida
and California.
For a
complete copy of the company’s news release, please contact:
Jonathan Stern
Meridian Capital Group
212/972-3600
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