June 27, 2017
J.P. Morgan Asset Management provided $32 million in financing for the acquisition of Sorrel Fairview, a 267-unit apartment complex in Fairview, TX, north of Dallas. Azure Partners was the borrower and buyer of the asset at 351 Sugarloaf Trail. Davis Development was the developer and seller.
The five-year loan has a fixed interest rate of 4%, along with three years of interest-only payments, and two one-year extensions. Meridian Capital Group’s Abe Hirsch, Moshe Majeski and Zev Karpel negotiated the loan.
“The property’s superior location in a high-growth market, as well as its quality construction and exceptional amenities, made this a very attractive asset for the borrower,” Hirsch said. “The lender also recognized the property’s intrinsic value, and Meridian was able to negotiate a strong loan structure, despite not being completely stabilized.”
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