TODAY’S DEALS: Meridian Arranges Construction Loan of $10M for 300-Unit Garden-Style Apartment Community, and Other Transactions
- Mar 16, 2009
By Anuradha Kher, Online News Editor Joppatowne, Md.–Meridian Capital Group has recently arranged a construction loan in the amount of $10 million for Harborside Apartments in Joppatowne, Md. Meridian’s New York office successfully negotiated on behalf of the borrower a three-year interest-only LIBOR-based term.The loan will be used to construct the third phase of a 300-unit garden-style apartment community located along the Chesapeake Bay and built and operated by the borrower since the mid-1970s. Harborside is the only multifamily rental property in this bedroom community of Baltimore, and the third phase is expected to accommodate the expansion of Aberdeen Proving Ground, which is the country’s oldest active proving ground and will add 8,000 personnel and 22,000 jobs by 2011 as part of U.S. Dept. of Defense’s BRAC process. (Pictured: Another project the sponsor recently completed. Phase three of Harborside is a ground-up project that follows this architectural style and will look similar when completed.)CMC Arranges Over $2M Loan to 44-Unit Apartment ProjectAnn Arbor, Mich.–Commercial Mortgage Capital Inc. has arranged a $2,880,000 non-recourse loan on a 44-unit apartment property in Ann Arbor, Mich. Working through one of CMC’s correspondent lenders, CMC principal Aaron Klein arranged the 10-year non-recourse loan with an interest rate of 6.32 percent.