NEW YORK, NY, Feb. 22, 2011 – Meridian Capital Group, LLC, a leading national commercial real estate finance and advisory firm, secured $15.75 million in financing for the acquisition of the five-story, 198-unit Landmark at Waters Pointe (top left photo) multifamily property located at 1885 Shore Drive South in Pasadena, FL.The five-year loan features a favorable fixed-rate of 4.78% and requires interest-only payments for the first two years. Landmark at Waters Pointe is a newly renovated property that recently reached stabilization.
“Our client will benefit from the interest-only feature which is a significant accomplishment in the current market environment for a full-leverage loan such as this,” said Michael Brown, Managing Director of Meridian’s Florida office who negotiated the transaction along with Brad Gladsden.
“We were able to achieve this structure and leverage point based on the strength of the borrower and the high-quality of the collateral property,” Gladsden added.
Contact:
Jonathan Stern
Meridian Capital Group, LLC
212/972-3600
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