Meridian Arranges Loan for MI Luxury Property
The 10-year fixed-rate CMBS financing was secured on behalf of The Harrison, a community located in Royal Oak, Mich.
By Roxana Baiceanu
Meridian Capital Group closed on a $16 million CMBS loan for The Harrison, a luxury community located in Royal Oak, Mich. The 10-year loan features three years of interest-only payments and will be used by the property owners to recapitalize a portion of their equity. Meridian Vice President Eric Trombly negotiated the financing.
The property is located at 1210 Morse Ave. and offers residents units with loft layouts, 16- to 20-foot ceilings, wide windows, fireplaces and luxurious fixtures and finishes. In addition, the community features a number of high-end amenities such as:
- sky lounge
- sun deck
- large courtyards and patios
The Harrison is only several blocks from downtown Royal Oak and Ferndale, two of metro Detroit’s popular neighborhoods. Birmingham, Berkley, downtown Detroit, Windsor and Somerset Mall in Troy are within a short drive of the community.
The transaction comes two months after Meridian secured another loan for a Midwest community, Stratford Trails.
Image via Google Street View