Meridian Capital Group arranges $15m in acquisition financing for multifamily property
Boca Raton, FL — Meridian Capital Group negotiated a $15 million mortgage for the purchase of the Berkshire Reserve multifamily property located in Naples, FL on behalf of Axonic Capital. The five-year loan, provided by a regional balance sheet lender, features a competitive fixed-rate of 3.125% and a flexible prepayment penalty. This transaction was negotiated by Meridian senior managing director, Israel Schubert, and vice president, Brad Beattie, who are based in the company’s Iselin, NJ and Boca Raton offices, respectively. Constructed in 2001, Berkshire Reserve is a townhome-style community that totals 146 units and is located at 3536 Winifred Row Lane in Naples, FL. The property contains 37 two-story buildings situated on landscaped grounds with a central lake and fountain. Property amenities include a swimming pool, large sundeck and lounge area, playground, barbeque grill, picnic area and carports. Berkshire Reserve is in close proximity to Golden Gate Community Park which houses a fitness center, Olympic-sized pool with diving area and a children’s pool, baseball and softball fields, a soccer/football field, tennis courts, basketball courts, racquetball courts, shuffleboard courts and a community center for other activities. “In addition to obtaining an aggressive 75% loan-to-value, non-recourse bank loan,
Meridian was able to negotiate a prepayment penalty that declines to 1% in the event of sale at any point over the term of the loan,” said Beattie.
New York, NY — Meridian Capital Group announced that Michael Maidhof joined the company as a senior vice president, reporting to senior managing director, Mike Edelman. Maidhof will be responsible for expanding Meridian’s agency origination and underwriting capabilities as well as sourcing and placing loans generated by Meridian’s newly-formed investment sales platform. Maidhof joins Meridian from Freddie Mac where he most recently held the role of Production and Sales Manager for the Northeast Region. His tenure at Freddie Mac began in August 2007 as an Underwriter Analyst from which he progressed to a Senior Underwriter in March 2012. Prior to Freddie Mac, Maidhof worked for Hunt Mortgage Group (formerly Centerline) where he held the roles of underwriter analyst and associate and was focused on LIHTC transactions and servicing Freddie Mac loans. Maidhof holds a B.A. from SUNY Binghamton.“Over Mike’s eight years at Freddie Mac he has developed extensive product knowledge and expertise that is truly second to none,” said Edelman. “I am thrilled to have a partner of Mike’s caliber at Meridian, and together, I look forward to quickly expanding the firm’s agency platform and capabilities nationally,” he added.