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| Noam Kaminetzky |
Boca Raton, FL – Meridian
Capital Group, America’s most active dealmaker, arranged $35.5 million in
construction takeout financing for the Shalimar
at Davie luxury multifamily property located in Davie, FL, on behalf of TM
Real Estate Group.
The 10-year loan, provided
by a national life insurance company, features a fixed rate of 4.04% and full-term
interest-only payments. This transaction was negotiated by Meridian Managing
Director, Noam Kaminetzky and Vice
President, Jason Grimm, who are both
based in the company’s Boca Raton, FL office.
Shalimar at Davie, located
at 4901 South University Drive, is a three-story, 240-unit multifamily
community, consisting of one-, two-, and three-bedroom apartments and town
homes. Each unit features nine-foot ceilings, a washer and dryer, stainless
steel appliances, and wood plank floors.
Community amenities include a fitness center
with a yoga and a spin studio, a business center, a residents’ lounge, a
resort-style pool and a grilling area.
 |
| Jason Grimm |
Shalimar at Davie is situated near the South University Drive and Griffin Road intersection with 330 feet of frontage on South University Drive, offering residents walking distance to a Starbucks, Walmart Supercenter and CVS Pharmacy, and a short drive from the Nova University Campus, Interstate 595, and Florida’s Turnpike.
“This transaction
presented a unique challenge as the construction loan was maturing and the
asset was still in lease-up,” explained Mr. Kaminetzky. “With a rising interest
rate environment and no historical data to rely on, Meridian worked with the
lender to create a favorable loan structure, while holding the rate for several
months, until the property reached stabilization.”
“Meridian worked closely
with the borrower and the lender to match the lease-up velocity with the
forward rate lock in order to close the loan with the maximum interest rate
protection,” said Mr. Grimm. “This allowed for more time to negotiate every
aspect, resulting in a truly custom tailored solution for the client.”
For a complete copy of the company’s news release,
please contact:
Jonathan
Stern
Meridian
Capital Group
212-972-3600
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