 |
| Blue Heron Apartments, 1500 West Blue Heron Boulevard, Riviera Beach, FL. |
New York, NY – Meridian
Capital Group, America’s most active debt broker, arranged $3.2 million in
acquisition financing for the purchase of a multifamily property located in
West Palm Beach, FL on behalf of Maxiplex LLC.
The five-year non-recourse
loan, provided by a balance sheet lender, features a fixed rate of 3.30% and a
step-down prepayment penalty. This transaction was negotiated by Meridian Vice
President, Peter Martz, who is based in the company’s Boca Raton, FL office.
 |
| Peter Martz |
Blue Heron Apartments, is located at 1500 West Blue
Heron Boulevard in Riviera Beach, FL.
The five two-story apartment buildings total 72 units and are 33% occupied by
month-to-month tenants. The property was acquired by foreign national borrower
whose plans included significant capital improvements to boost income as well
as new lease requirements for tenants.
“As a result of detailed
plans for future renovations we were able to negotiate 79% of the current
appraised value with the lender,” explained Mr. Martz. “Meridian was able to
prevent the deferred maintenance from affecting the client’s proceeds,” he added.
“We emphasized the overall
value of the property and came up with a creative solution with the lender and
borrower and closed the transaction in less than 60 days.”
For a complete copy of the company’s news release,
please contact:
Jonathan Stern
Meridian Capital Group
212/972-3600
No comments:
Post a Comment