Meridian Capital Group Secures $18M Bridge Loan and JV Equity for Multifamily Community in OKC
- Mar 16, 2015
New York City-based Meridian Capital Group has secured $18.4 million in joint-venture equity and bridge financing for The Village at Stratford, a multifamily property in Oklahoma City.
Arranged on behalf of Kansas-based Cohen Esrey Apartment Investors L.L.C., the $15 million, 36-month bridge loan has a floating rate based on 30-day LIBOR plus 500 basis points. The joint-venture equity totals $3.4 million at a 10% hurdle rate. Darryl Stroup, an associate with Meridian, negotiated the transaction.
“Meridian leveraged our relationships with joint venture equity sources to participate in the acquisition of this multifamily property,” Stroup said in a statement. “Simultaneously, we arranged the very competitively priced bridge loan to ensure that our client can maximize their internal rate of return and keep their co-investment to a minimum, while ensuring excellent returns for all parties.”
Located at 12831 Stratford Drive, the property consists of 39 two-story buildings totaling 359 units. The community offers residents two outdoor swimming pools, basketball court, tennis courts, a business center, clubhouse and covered parking. Apartments feature washers and dryers, refrigerators, wood-burning fireplaces, dishwashers, private balconies and patios.
The balance-sheet lender that provided the loan plans to renovate 300 of the residential units and upgrade amenities in order to raise the rent $75 per unit over the next three years.
Image courtesy of Meridian Capital Group
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