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| The Harbor apartments, 790 Harbor Inn Drive, Coral Springs, FL, |
Boca Raton, FL – Meridian Capital
Group, America’s most active dealmaker, arranged $51.3 million in acquisition
financing of The Harbor (formerly known as Innovo Living on
Atlantic), a multifamily property in Coral Springs, FL on behalf of the
CaraCo Group.
The seven-year loan, provided by a regional balance sheet
lender, features a rate of 3.40%, one five-year extension option, and three
years of interest-only payments followed by a 30-year amortization schedule.
This transaction was
negotiated by Meridian Managing Director, Noam Kaminetzky, and Senior
Vice President, Jason Grimm, who are both based in the company’s Boca
Raton, FL office.
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| Noam Kaminetzky |
Located at 790 Harbor Inn Drive in Coral Springs, FL, The
Harbor consists of 33 two-story buildings containing a total of 310 one- and
two-bedroom units and 587 parking spaces.
Originally
constructed in 1987, the property recently underwent an extensive renovation,
including a brand new 5,700 square foot club house including a climbing wall,
fitness and business centers, lap pool, and a yoga and Pilates studio.
Additionally, the former leasing center was transformed into
a resident lounge with a chef-inspired demonstration kitchen. All apartments
were completely repositioned to feature quartz countertops, stainless steel
appliances, new cabinets, hard surface flooring, screened patios, and vaulted
ceilings in the second-floor units.
The Harbor is centrally located near some of South Florida’s
most prominent employment centers, enjoying proximity to the Sawgrass
Expressway. Boca Raton, Cypress Creek, Sunrise, Fort Lauderdale, Pompano Beach,
and Coral Springs, FL are all within 20 miles of the property.
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| Jason Grimm |
“The purchase was originally supposed to close in what turned out to be the
middle of the COVID-19 pandemic," said Kaminetzky.
"With concern about the effects of the state-wide
shutdown in Florida, CaraCo postponed the closing.
"Meridian worked with the lender, seller, and buyer to
successfully create an agreement whereby within 10 business days after Broward
County’s stay-at-home order expired, was lifted, or amended, and retail and
restaurants were permitted to open, the deal would close.
"Despite the hurdles, Meridian was able to successfully close
the loan on equivalent economic terms as quoted pre-COVID.”
Added Grimm: “While most borrowers were experiencing extreme financing
obstacles during the COVID-19 pandemic, Meridian was able to leverage our deep
relationship with a regional balance sheet lender to help our client navigate
to a successful closing.
"It was a thrilling feeling to be able to deliver a fantastic
deal to a great client during this turmoil. It would not have happened if not
for the decades of confidence that Meridian has built with the lender.”
Founded in 1991, Meridian Capital Group is America’s most active
dealmaker and one of the nation’s leading commercial real estate finance,
investment sales and retail leasing advisors.
In 2019, Meridian closed over $40 billion in financing across more
than 250 unique lenders.
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, and healthcare and senior
housing properties.
Meridian is headquartered in New York City with offices in New
Jersey, Maryland, Illinois, Ohio, Florida, and California.
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