By Razvan Cimpean
Meridian Capital Group, on behalf of Azure Partners, negotiated $32 million in financing for the acquisition of the Sorrel Fairview, a 267-unit community in Fairview, Texas. Meridian’s Abe Hirsch and Moshe Majeski secured the five-year, fixed-rate loan provided by a national balance sheet lender. The financing features three years of interest-only payments and two one-year extension options.
Located at 351 Sugarloaf Trail, Sorrel Fairview was completed last year. Completed in 2016, the two- and three-story asset offers one-, two- and three-story apartments, ranging in size from 661 to 1,584 square feet. According to Yardi Matrix data current as of May—when the community was 91 percent occupied—rents start at $1,052 and go up to $2,224. Amenities include a fitness center, business center, clubhouse and swimming pool. The property also features more than 300 parking spaces.
“The property’s location and its amenities made it an attractive asset for the borrower,” Hirsch said in prepared remarks.
Less than a month ago, Meridian also arranged financing for the acquisition of a 207-unit Chicago condominium building.
Image courtesy of Meridian Capital Group