Meridian Secures $24M Refi for Miami Asset
Originated by a New York-based balance sheet lender, the fixed-rate mortgage features a seven-year term and a rate of 3.75 percent. Meridian worked on behalf of the owner, PMC Property Group.
By Timea Papp
Meridian Capital Group arranged $23.7 million in balance sheet financing for The Atrium, a Class A multifamily and retail property in downtown Miami. The advisory firm negotiated the refinancing on behalf of the building’s owner, PMC Property Group.
The seven-year fixed-rate loan features an interest rate of 3.75 percent. According to public records, the mortgage originator was New York Community Bank. Located at 150 SE 3rd Ave., the newly revitalized Atrium features 107 units and includes 24,629 square feet of ground-floor retail space. The five-story, loft-style building offers a wide array of amenities including 24-hour maintenance, on-site management, roof deck and controlled building access. The commercial space is fully occupied by tenants such as CVS, Starbucks, Pizza Hut and other local restaurants and shops.
The Atrium offers residents numerous shopping and dining options and is within walking distance of Bayside, American Airlines Arena, Biscayne Bay and Brickell Avenue. Surrounded by the SunTrust International Center, Wachovia Financial Center and Bank of America Financial Center, the property provides access to Metrorail, Metromover, Biscayne Boulevard, the Port of Miami and Interstate 95.
“The asset included a large portion of retail revenue, which eliminated certain lenders who we would normally consider,” said Fisher, in prepared remarks. “Nevertheless, due to Meridian’s broad lender relationships, we were able to negotiate a balance sheet loan, with no restrictions on commercial income, to provide a multifamily-priced seven-year loan with maximum flexibility and no reserve requirements.”
Meridian’s Senior Vice Presidents David Fisher and Scott Jackson negotiated the terms of the deal. Earlier this year, the same team arranged the refinancing of a Northern Philadelphia multifamily portfolio.
Image courtesy of PMC Property Group