Connect Media > National News > Northeast > Meridian Arranges $92M Refi of Delaware Apartments

July 16, 2020 Comments Off on Meridian Arranges $92M Refi of Delaware Apartments Views: 1043 National News, Northeast

Meridian Arranges $92M Refi of Delaware Apartments

Order Reprints...

Meridian Capital Group arranged $92 million to refinance a multifamily portfolio consisting of four properties in Newark, Dover and Wilmington, DE. The sponsor of the four garden-style properties, which total 902 units, is a large owner, developer and operator focused primarily on Delaware. 
The three 10-year Freddie Mac loans, provided by Capital One Multifamily Finance, feature rates of 2.98% and full-term interest-only payments. These transactions were negotiated by Meridian’s Iselin, NJ-based Israel Schubert and Josh Munk. Marc Soto led the financing on behalf of Capital One.
The portfolio consists of Woodmill Apartments and Baytree Apartment Homes, both in Dover; Village of Canterbury in Newark; and Arundel Apartments in Wilmington.

“Despite the challenges and hurdles encountered as a result of COVID-19, Meridian was able to negotiate a truly remarkable large cash-out refinance featuring full-term interest-only payments at rates below 3.00% during the height of the pandemic,” said Munk.

Connect With Meridian Capital

Connect With Capital One’s Soto

Get CRE News in 150 words

For comments, questions or concerns, please contact Paul Bubny

Tags: , ,

Comments are closed.