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| Jay Jacobovitch |
New York, NY. Sept. 7, 2016 – Meridian Capital Group,
America’s most active debt broker, arranged $23.9 million in permanent
financing for the purchase, renovation, and partial buyout of a fractured
condominium located in Tamarac, FL.
The three-year bridge loan
features a LIBOR-based floating rate, beginning at 5.06%, with full-term
interest-only payments.
This transaction was negotiated by Meridian Senior Vice
President, Barry Lefkowitz and
Senior Vice President, Jay Jacobovitch,
who are both based in the company’s Iselin, NJ office.
Jasmine at Tamarac,
located at 8560 NW 61st Street in Tamarac, FL, is a two-story garden style
property, totaling 222 rental units and 69 sold condos. The property offers a
wide range of amenities, including a business center, laundry facility,
swimming pool, fitness center and access to public transportation.
“The property is a
fractured condo complex, where the borrower is purchasing the rental units and
intends to rehabilitate those units in order to raise rents,” said Mr.
Lefkowitz.
“The borrower also plans
to buy out all of the existing condominium owners, renovate their units and
convert the property to a fee-simple multifamily complex,” he added. “The
lender has agreed to a loan which will fund 75% of the purchase and
rehabilitation cost, in addition to funding 75% of the borrower’s future
purchases of the remaining condo units.”
For a complete copy of the company’s news release,
please contact:
Jonathan Stern
Meridian Capital Group
212/972-3600
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