July 16, 2020
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.
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Tags: Apartments & Multifamily, Broker, Financing
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