Meridian Arranges $23M Loan for TX Community
The firm secured a three-year loan that will be used to recapitalize the 344-unit Wildwood in Austin, which features a playground, a pool and 650 parking spaces.
Meridian Capital Group has arranged $23 million in financing to recapitalize Wildwood, a multifamily community in Austin, Texas. The three-year loan includes two, one-year extension options at a rate of 200 basis points over 30-day LIBOR, in addition to full-term interest-only payments.
Located at 7610 Cameron Road, the 1984-built Wildwood offers 344 units across 20 two- and three-story buildings. According to Yardi Matrix, the pet-friendly community is currently 92.7 percent occupied as of May 2018. The last-known owner is recorded as being PPA Group, which purchased the asset in November 2015 from The Lynd Co. as part of a portfolio sale. Apartments are available in one- and two-bedroom floorplans ranging from 558 to 937 square feet. Interior features include air conditioning, carpeting, ceiling fans, dishwashers, disposals, fireplaces, large closets, patio/balconies, washer/dryer hookups and wood-inspired flooring. Common area amenities include:
- laundry facilities
- on-site management/maintenance
- outside storage
- spa and hot tub
- 650 parking spaces
The community is within close proximity to Highways 183 and 290, and is within 40 minutes from downtown Austin. Meridian’s Broker Dov Jeremias and Managing Director Brian Flax negotiated the transaction.
“The Meridian team worked closely with KeyBank to get this extremely competitive deal across the finish line in just 22 days,” said Jeremias in a prepared statement.
Meridian’s 2018 has been off to a busy start. Just last month, the company arranged $46 million financing to refinance The Lena, an apartment community in Raritan, N.J., on behalf of Castle Lanterra Properties.
Image courtesy of Yardi Matrix