The Real Deal Miami

Meridian gets $34.5M loan for buyer of Daytona rentals

Blue Rock Premier used the loan to buy 3 apartment properties with a total of 736 units
April 23, 2017 02:15PM

Sutton Place apartments in Daytona Beach

Meridian Capital Group arranged a $34.5 million loan for the acquisition of three rental properties in Daytona Beach with a total of 736 apartments.

The seven-year loan, provided by an agency lender, features a floating rate of interest and two years of interest-only payments.

Two Meridian executives in the company’s Carlsbad, California, office negotiated the loan terms: Seth Grossman, a managing director of the firm, and Sarah Kuebler, a vice president.

New York City-based Meridian arranged the loan for Blue Rock Premier, the buyer of the three Daytona Beach apartment properties, called Emerald Park, Sutton Place and The Barrington.

“The seller owned the properties for several decades, and each asset provides opportunity for an extensive value-add,” Grossman said in a prepared statement.

Since its startup in 1991, Meridian has closed more than $270 billion in financing, including $35 billion last year. The firm arranges financing from agency lenders, banks, CMBS lenders, life insurance companies, credit unions, private equity funds and real estate investment trusts that make mortgage loans.