Meridian Secures $22M in Financing for Luxury Development
- Jul 25, 2017
Meridian Capital Group arranged a ground-up construction financing in the total amount of $21.7 million, on behalf of the Meyers Group, for the development of Avery Place at Pompano, a 163,000-square-foot multifamily property in Pompano Beach, Fla.
The three-year construction loan features a floating rate of 3.5 percent over 30-day LIBOR, full-term interest-only payments and two one-year extension options, provided by a balance sheet lender.
Located at 225 N. Federal Highway, Avery Place at Pompano will be an eight-story, Class A multifamily property with 145 luxury rental units and workplace studios ranging between 800 and 1,200 square feet and an attached parking garage. The community will feature a multi-function room, media room, a fitness center, swimming pool and a garden area with grilling stations, cabanas, a waterfall and a fire pit.
The community will be situated right off Federal Highway and in close proximity to State Route 814 and to the Pompano Beach Airpark. The Borrower acquired the land adjacent to an existing parking garage and will provide parking to future tenants.
According to Yardi Matrix data, the Meyers Group is awaiting city approvals/permits or final plans and construction is anticipated to break ground in October 2017.
“Despite construction loans becoming increasingly more difficult to come by in this market, Meridian was able to leverage its relationship with a balance sheet lender to help secure financing for this exceptional project,” Noam Kaminetzky, managing director at Meridian Capital Group, said in a prepared statement. “In collaboration between Meridian’s Florida and New Jersey offices, we were able to successfully facilitate the closing,” added Sam Grunberger, SVP, Meridian Captial. “I look forward to seeing Avery Place completed, as I am confident that it will become a stunning asset.”
Kaminetzky and Grunberger led the negotiations on behalf of the developer.
Earlier this month, Meridian arranged a $32 million acquisition financing in Texas for a 267-unit community.
Image courtesy of Meridian Capital Group