Meridian Capital inks $71.9m in financing for 741-unit portfolio
NEW YORK — Meridian Capital Group, America’s most active debt broker, arranged preferred equity and $71.9 million in acquisition financing for the purchase of a six property, 741-unit, multifamily portfolio located in central Connecticut on behalf of Navarino Capital Management LLC.
The 10-year Freddie Mac loan was provided by Capital One Multifamily Finance and was negotiated by Meridian senior vice president, Barry Lefkowitz, and vice president, Steve Halpert, who are both based in the company’s Iselin, NJ office. “Bridgeport, CT-based Navarino Capital effectively doubled the size of its portfolio with the acquisition of this portfolio. In order to obtain the 80% loan-to-cost financing, a favorable rate and the interest-only features of this loan, Meridian articulated Navarino’s position as a well-run family-owned real estate company with the proven ability to source transactions with solid upside and closely manage those properties to maximize cash flow and value,” said Lefkowitz. “This transaction is also an example of how Meridian worked closely with Capital One to close a complex transaction where the sponsorship had both a domestic preferred equity partner as well as foreign investors in the capital stack,” he added.