TODAY’S DEALS: Meridian Capital Group Arranges $55M First Mortgage for AvalonBay, and Other Transactions
- Feb 06, 2009
By Anuradha Kher, Online News EditorSmithtown, N.Y.–Meridian Capital Group, on behalf of AvalonBay Communities, has arranged a first mortgage loan of $55,100,000 for the refinance of Avalon Commons (pictured) in Smithtown, N.Y. The property is a garden-style residential community consisting of 312 units spread over 13 buildings. The community features beautifully landscaped gardens, an outdoor swimming pool, fitness center and a luxury clubhouse. It is a fixed interest rate loan for five years with a local lender. The loan also featured an attractive extension option. GFI Acquires $13M in Distressed Assets Miami–GFI Capital Resources Group has acquired two South Florida multifamily commercial mortgages from a regional bank, with a face value of approximately $13 million. The properties securing the mortgages are located in North Miami Beach and feature 140 residential units. GFI purchased the two non-performing loans at a discount to the $13 million face value. The company is actively seeking acquisition opportunities and will acquire debt. “We intend to either work with the borrower to refinance these assets, or add them to our portfolio of over 100 properties that GFI currently owns and manages,” says Michael Weiser, executive vice president of acquisitions for GFI Realty Services Inc.