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| Part of the Blue Roc Florida portfolio |
Solana Beach, CA –
Meridian Capital Group, America’s most active dealmaker, arranged $66
million in acquisition financing for a multifamily portfolio containing six
properties located throughout Florida on behalf of Blue Roc Premier.
Although all closings occurred on one coordinated day due to the
purchase agreement requiring a simultaneous closing for the portfolio, each
property was financed separately to allow maximum flexibility for the sponsor.
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| Part of the Blue Rock Florida portfolio |
The seven-year Freddie Mac loans,
provided by Capital One Multifamily Finance, all feature floating rates and two
years of interest-only payments.
This transaction was negotiated by
Meridian Senior Managing Director, Seth Grossman, and Vice President, Sarah
Kuebler, who are both based in the company’s Solana Beach, CA office.
The portfolio consists of six properties located in Atlantic
Beach, Jacksonville, Orange Park, Ormond Beach, DeLand, and Brandon, FL,
totaling 1,010 units with an average occupancy rate of 97%.
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| Seth Grossman |
The well-equipped complexes include
strong amenity packages that vary by location, though many feature racquetball,
tennis, volleyball, and swimming pools onsite.
While a portion of the units at each
community had been renovated prior to the acquisition, the sponsor plans to
invest in excess of $10 million of capex into the portfolio for renovations and
upgrades.
Additionally, all of the properties are
advantageously located within their submarkets near major thoroughfares,
employment opportunities, restaurants and numerous retailers.
“Even though these six assets were spread across the state of
Florida in many different markets, each of the assets are located in a
submarket that our client currently owns and manages other apartment
communities in. That deep knowledge of direct comps and market specifics helped
the lender quickly gain comfort and confidence in the business plan and upside
expectations,” said Mr. Grossman.
Founded in 1991, Meridian Capital Group is America’s most active
deal maker and one of the nation’s leading commercial real estate finance and
investment sales firms. In 2017, Meridian closed over 3,000 transactions across
more than 200 unique lenders and sold nearly $1 billion in commercial property.
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| Sarah Kuebler |
Since inception, the company has closed
more than $300 billion in financing with the full complement of capital
providers, encompassing local, regional and national banks, CMBS lenders,
agency lenders, mortgage REITs, life insurance companies, credit unions and
private equity funds.
Meridian represents many of the world’s leading real
estate investors and developers and the company’s expansive platform has specialized
practices for a broad array of property types including office, retail,
multifamily, hotel, mixed-use, industrial, healthcare, student housing and
self-storage properties. Meridian is headquartered in New York City with
offices in New Jersey, Maryland, Illinois, Ohio, Florida and California.
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