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| ;Noam Kaminetzky |
Boca Raton, FL – Meridian
Capital Group, America’s most active dealmaker, arranged $21.7 million in
ground-up construction financing for the development of the Avery Place at Pompano multifamily
property in Pompano Beach, FL, on behalf of the Meyers Group.
The three-year
construction loan, provided by a balance sheet lender, features a floating rate
of 3.50% over 30-day LIBOR, full-term interest-only payments and two one-year
extension options.
This transaction was negotiated by Meridian
Managing Director, Noam Kaminetzky,
who is based in Meridian’s Boca Raton, FL office and Senior Vice President, Sam Grunberger, who is based in
Meridian’s Iselin, NJ office.
Avery Place at Pompano,
located at 225 North Federal Highway, is situated in a prime location right off
of Federal Highway in Pompano Beach. The Meyers Group had the opportunity to
purchase the land adjacent to an existing parking garage that will provide
parking for future tenants.
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| Sam Grunberger |
Upon completion, the
163,000 square foot property will be an eight-story class-A multifamily
property, with 145 luxury rental units and an attached garage.
Amenities will
include a multi-function room, billiards and media room, a fitness center
including a yoga room, lushly landscaped pool and garden area with grilling
stations, cabanas, a waterfall, and a fire pit.
“Despite construction
loans becoming increasingly more difficult to come by in this market, Meridian
was able to leverage its relationship with a balance sheet lender to secure
financing for this exceptional project,” said Mr. Kaminetzky.
“In collaboration between
Meridian’s Florida and New Jersey offices, we were able to successfully
facilitate the closing,” said Mr. Grunberger. “It was a pleasure and an honor
to work with The Meyers Group, a very prominent and successful developer and
operator of multifamily properties,” he added. “I look forward to seeing Avery
Place at Pompano completed, as I am confident that it will become a stunning
asset.”
For a complete copy of the company’s news release,
please contact:
Jonathan Stern
Meridian Capital Group
212/972-3600
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