South Texas Asset Receives $40M Refi
- May 14, 2018
Watermark Residential has secured a $40 million loan to refinance Retreat by Watermark, a 324-unit property in Corpus Christi, Texas. Meridian Capital Group facilitated the transaction. According to Yardi Matrix, Rialto Capital Management provided the financing.
The negotiating team included Senior Vice Presidents Peter Martz and Akiva Friend, alongside Senior Managing Director Israel Schubert. The fixed-rate, 10-year mortgage is non-recourse and features an 80 percent loan-to-value ratio and a full-term, interest-only payment. Earlier this month, Meridian secured $53 million in financing for Broadmoor Apartments, a 468-unit property in Hamden, Conn.
Located at 5721 Timbergate Drive, Retreat by Watermark was completed in 2017. It comprises one-, two- and three-bedroom apartments in three-story garden-style buildings. At the time of the transaction, the property had a 95 percent occupancy rate. Community amenities include a fitness center, covered parking, resort-style swimming pool and entertainment area. The community is nearby shopping centers, restaurants, schools and it is within a 20-minute drive from Corpus Christi International Airport.
“The teamwork between the Watermark and Meridian teams was instrumental in getting this extremely competitive deal across the finish line,” said Israel Schubert, in prepared remarks.
Image Courtesy of Meridian Capital Group
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