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| Wild Pines Apartments, 2580 Wild Pines Lane, Naples, FL |
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| Israel Schubert |
Boca Raton, FL –
Meridian Capital Group, America’s most active dealmaker, arranged $14.6
million in acquisition financing for the Wild Pines Apartments, a
multifamily property in Naples, FL on behalf of Axonic Properties, LLC.
The 36-month loan, provided by a
balance sheet lender, features a rate of 1.75% over 30-day LIBOR and one year
of interest-only payments.
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| Akiva Friend |
This transaction was
negotiated by Meridian Senior Managing Director, Israel Schubert,
Managing Director, Max Beyderman, and Senior Vice Presidents, Jason
Grimm and Akiva Friend, who are all based in the company’s Boca
Raton, FL office.
Located at 2580 Wild Pines Lane,
Wild Pines Apartments features two-story buildings totaling 200 units.
The property was
constructed in two phases; Phase I is comprised of 96 market-rate units while
Phase II consists of 104 rent-restricted units.
All apartments offer
nearly identical one-bedroom floorplans averaging 600 square feet, though Phase
II units include additional patio and storage areas in addition to washer and
dryer connections.
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| Jason Grimm |
The property features
community benefits such as a laundry facility, two swimming pools, a gym, and
covered parking.
Wild Pines Apartments is located
less than two miles from downtown Naples, making the property a convenient home
for anyone working in the greater area.
Its advantageous location allows for a
consistent waiting list and also makes the property a prime candidate for an
interior and exterior value-add program.
“The sponsor had already received a
quote for a very attractive Freddie Mac floating rate loan when we were
initially approached for this deal,” said Mr. Friend.
“Meridian was able to
leverage our savings bank relationships to bring a par deal to the table at a
lower spread and a higher strike price on the interest rate cap, significantly
reducing the overall cost of the transaction for the client.”
“Our research showed that a recent
change in the tax code could potentially benefit this asset,” said Mr.
Schubert. “During the loan process, we were able to secure $500,000 of
additional proceeds, further improving the deal’s IRR.
"The combination
of our detailed market knowledge with our deep reach in the lending community
produced a much better result than the sponsor had originally anticipated.”
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