Orlando apartment developer lands $34.5M loan
A Boca Raton-based senior vice president of debt broker Meridian Capital Group helped to arrange $34.5 million of construction takeout financing for a multifamily development in Orlando.
Boca-based Max Beyderman and another senior vice president of Meridian, New Jersey-based David Cohen, negotiated the loan on behalf of The Klein Company.
Capital One Multifamily Finance made the seven-year Freddie Mac loan with a fixed interest rate of 4.07 percent and a repayment schedule that includes a year of interest-only payments.
The lender provided the construction takeout financing for a 274-unit, low-rise apartment development called Dwell Nona Place at 10207 Dwell Court in southeast Orlando.
The Klein Company developed Dwell Nona Place and recently completed the lease-up of the property, which features such amenities as cabanas, walking trails and a 10,000-square-foot clubhouse.
“We were able to capitalize on a dip in U.S. Treasuries to secure very efficiently priced long-term debt at the same time that the property began exhibiting its full potential,” Cohen said in a prepared statement.
Since inception in 1991, New York City-based Meridian has closed more than $270 billion in financing with a variety of lenders including local, regional and national banks, CMBS lenders, agency lenders, mortgage REITs, life insurance companies, credit unions and private equity funds.