July 29, 2020 Comments (0) Views: 382 Florida News, South Florida, Top Florida

Meridian Capital Arranges $51M Acquisition Loan for Coral Springs MF Property

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Meridian Capital Group has arranged $51.3 million in acquisition financing for The Harbor, a 310-unit multifamily community in Coral Springs.

Located at 790 Harbor Inn Drive, The Harbor consists of 33 two-story buildings containing a total of 310 one- and two-bedroom units as well as 587 parking spaces. Originally built in 1987, the property recently underwent extensive renovations, including a new club house with a climbing wall, fitness and business centers, lap pool and a yoga studio. All apartments were repositioned to include quartz countertops, stainless steel appliances, new cabinets, hard surface flooring, screened patios and vaulted ceilings in second-floor units.

Noam Kaminetzky and Jason Grimm of Meridian’s Boca Raton office negotiated the financing on behalf of the CaraCo Group. A regional balance sheet lender provided the seven-year loan, which features a rate of 3.4%, one five-year extension option and three years of interest-only payments, followed by a 30-year amortization schedule.

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