Meridian Capital Group Arranges $34.5 Million in Construction Take-Out Financing for the Dwell Nona Place Luxury Multifamily Property Located in Orlando, FL

  

Rendering of Dwell Nona Place Apartments, 10207 Dwell Court, Southeast Orlando, FL

David Cohen

Boca Raton, FL – Meridian Capital Group, America’s most active deal maker, arranged $34.5 million in construction take-out financing for the Dwell Nona Place luxury multifamily property located in Orlando, FL on behalf of The Klein Company.

The seven-year Freddie Mac loan, provided by Capital One Multifamily Finance, features a fixed rate of 4.07% and one year of interest-only payments.

 This transaction was negotiated by Meridian Senior Vice Presidents, Max Beyderman, who is based in the company’s Boca Raton, FL office and David Cohen, who works out of Meridian’s Iselin, NJ office.

Dwell Nona Place, located at 10207 Dwell Court, is a four-story, 274-unit luxury apartment community in Southeast Orlando. The property consists of distinctive one-, two- and three-bedroom apartments, as well as three-bedroom townhomes.

 Each unit features a modern designer kitchen, ceiling fans, wood flooring, a screened-in porch or balcony and an in-unit washer and dryer. Residents enjoy exceptional amenities, including a resort-style pool with cabanas, outdoor grilling areas, a beach area, walking trails, a playground and a car care center.

The 10,000 square foot clubhouse features an athletic club with a sports court, a yoga space, a game room, a state-of-the-art-fitness center, as well as a business and conference center.

Lake Nona High School, Lake Nona, FL

 The Dwell Lake Nona apartment homes are situated directly across from Lake Nona High School and are one mile south of Route 417, providing a short commute to Medical City. Construction began in October 2014 and was completed March 2016.

“Dwell Nona Place is a stunning multifamily asset, which recently completed its lease-up and added another high-quality asset to the Dwell brand, created by The Klein Company,” explained Mr. Beyderman.

“Meridian was pleased once again to work with the stellar team at The Klein Company in procuring timely financing that reflected the strong lease-up velocity,” he said.

“Additionally, we were able to capitalize on a dip in U.S. treasuries to secure very efficiently priced long-term debt at the same time that the property began exhibiting its full potential,” added Mr. Cohen.

For a complete copy of the company’s news release, please contact:

Jonathan Stern

Meridian Capital Group

212/972-3600

www.meridiancapital.com

jstern@meridiancapital.com

Meridian Capital Group Arranges $26 Million in CMBS Financing to Refinance the Holiday Inn Miami Beach

  

Holiday Inn Miami Beach, 4333 Collins Avenue, Miami Beach, FL

Jacob Schmuckler

New York, NY – Meridian Capital Group, America’s most active deal maker, arranged $26 million in CMBS financing to refinance the Holiday Inn Miami Beach – Oceanfront in Miami Beach, FL.

The 10-year CMBS loan features full-term interest-only payments. This transaction was negotiated by Meridian Managing Directors, Jacob Schmuckler and Steve Adler, who are both based in the company’s New York City headquarters.

The Holiday Inn Miami Beach - Oceanfront is an eight-story hotel, located at 4333 Collins Avenue in Miami Beach, FL. The 253-room oceanfront hotel was completely renovated in 2009 and transformed into a contemporary-style property, including a pool area with a Tiki bar and manicured garden areas with hammocks.

Amenities include an on-site bar and restaurant, a fitness center, conference and banquet rooms, a business center and a laundry facility. Guests enjoy direct access to a wide stretch of Miami’s beaches, as well as the Miami Beach Boardwalk, which offers a variety of restaurants, shopping, nightlife and golf clubs.

“The Holiday Inn’s central location and various on-site and community amenities attract both tourists and business travelers,” said Mr. Schmuckler. “The sponsor has owned the hotel for over 20 years, along with several nearby properties,” he added. “Their strong performance record, as well as the property’s recent renovations, demonstrated promising upside potential to the lender and Meridian was able to negotiate favorable terms.”

For a complete copy of the company’s news release, please contact:

Jonathan Stern

Meridian Capital Group

212/972-3600

www.meridiancapital.com

jstern@meridiancapital.com

Evergreen Real Estate Group Celebrates Grand Opening of Fairhaven Crossing Apartments in Mundelein, IL

Fairhaven Crossing Apartments, Downtown Mundelein, IL

 CHICAGO, IL – Evergreen Real Estate Group, together with Lake County Residential Development Corp., the Lake County Center for Independent Living and Lake County United, recently celebrated the grand opening of Fairhaven Crossing Apartments, a 40-unit affordable rental community in downtown Mundelein, Ill.

Attendees of the March 2 event, which included a ribbon-cutting ceremony and tours of the newly opened community, included Mundelein Village Administrator John Lobaito; Larry Pusateri, development partner at Evergreen Real Estate Group; Mary Ellen Tamasy, president of Lake County Residential Development Corp.; Walter (Jerry) Kendall, president of the Lake County Center for Independent Living; Christine Moran, managing director of multifamily finance at the Illinois Housing Development Authority; and David A. Northern Sr., executive director and CEO of the Lake County Housing Authority.

Christine H. Moran

“Fairhaven Crossing shows what can be achieved when various groups pool their talents and resources for the good of the greater community – one that’s built around the principle of inclusion,” said Lobaito. “The completion of the project ensures our neighbors will have access to quality housing that is both affordable and conducive to their needs while serving as a catalyst for future investment in the downtown core.”

Located at 407 E. Hawley St., Fairhaven Crossing is part of a broader initiative to reimagine downtown Mundelein as a walkable mixed-use district. The $13.5 million affordable housing project involved converting and expanding a vacant 1½- story brick building on the site – previously a light industrial building – into a three-story residential building. The redevelopment was partially funded using $5.6 million in low-income housing tax credit financing secured by Evergreen Real Estate Group.

Mary Ellen Tamasy

The new community includes a mix of one-, two- and three-bedroom units, with affordable rents for households earning 60 percent or less of the area median income (AMI). The family-friendly three-bedroom units account for half of the floor plans, while 12 apartments were set aside for individuals with disabilities.

Each unit includes a living/dining room and open kitchen with vinyl plank flooring and Energy Star-rated appliances. Residents will also have access to a variety of on-site amenities, including a laundry room, a community room with full kitchen, computer lab, bike storage, playground and landscaped courtyard areas.

In addition, Fairhaven Crossing offers convenient access to the Mundelein Metra station and several bus stops, as well as shops, restaurants and essential services in downtown Mundelein.

 “Fairhaven Crossing is a shining example of how communities like Mundelein can reap social and economic benefits by making housing accessible to residents across all income levels,” said Pusateri. “The Evergreen team is proud and humbled to be part of downtown Mundelein’s ongoing transformation.”

For more information or to schedule a showing, call (847) 970-9216 or email fairhaven@evergreenres.com.

For a complete copy of the company’s news release, please contact:

Kelly Shumaker, kshumaker@taylorjohnson.com, (312) 267-4519

Abe Tekippe, atekippe@taylorjohnson.com, (312) 267-4528

www.evergreenres.com.

ATTOM Data Solutions Finds Overall foreclosure activity in February dropped to a new 11-year low, the lowest since November 2005

  

IRVINE, CA, March 16, 2017 – ATTOM Data Solutions reports counter to the national trend, foreclosure activity increased on a year-over-year basis in 10 states and the District of Columbia, where foreclosure activity increased 235 percent from a year ago.

Highlights:

o   Foreclosure activity has increased in DC on a year-over-year basis for 12 consecutive months ending in February 2017

o   States with a year-over-year increase included New Jersey (up 16 percent); Delaware (up 14 percent); Louisiana (up 12 percent); Alabama (up 10 percent); and Hawaii (up 8 percent).

o   Three of the nation’s 20 largest metro areas posted year-over-year increases in foreclosure activity: Houston (up 97 percent from an abnormally low Feb 2016); San Francisco (up 25 percent); and New York (up 9 percent).

·         Foreclosure starts in February increased 7 percent from the previous month but were still down 13 percent from a year ago — the 20th consecutive month with a year-over-year decrease in foreclosure starts

o   Counter to the national trend, foreclosure starts increased on a year-over-year basis in 15 states and the District of Columbia. States with an increase included Alabama (up 40 percent); Texas (up 26 percent); New Jersey (up 24 percent); Florida (up 12 percent); Illinois (up 11 percent); and Arizona (up 9 percent).

o   Foreclosure starts in Texas have increased annually in three of the last four months, in New Jersey in two of the last three months, in Illinois in six of the last seven months, and in Arizona in six of the last 12 months.

·         Bank repossessions (REO) in February decreased 7 percent from the previous month and were down 18 percent from a year ago.

o   Counter to the national trend, 15 states and the District of Columbia posted a year-over-year increase in REOs, including Massachusetts (up 117 percent); Delaware (up 90 percent); Illinois (up 40 percent); New Jersey (up 19 percent) and Colorado (up 14 percent).

For a complete copy of the company’s news release, please contact:

Jennifer von Pohlmann

jennifer.vonpohlmann@attomdata.com