Tuscaloosa, AL — Meridian Capital Group negotiated a $9.7 million mortgage for the purchase of The Heights at Skyland multifamily property located in Tuscaloosa on behalf of Castle Lanterra Properties.
The seven-year loan, provided by a national balance sheet lender, features a competitive floating-rate of 260 basis points over the one-month LIBOR rate and three years of interest-only payments. This transaction was negotiated by Meridian senior vice president, Barry Lefkowitz, who is based in the Company’s Iselin, NJ office.
The Heights at Skyland, located at 4527 18th Ave. East in Tuscaloosa, totals 304 unit and is composed of 18 two-story garden-style buildings. The property features a recently renovated fitness center and clubhouse and is located in close proximity to the University of Alabama and DCH Regional Medical Center.
“Castle Lanterra Properties acquired this property at a discount to current market value and will realize its strong upside potential through upgrades of the apartment interiors. This acquisition is a prime example of Castle Lanterra Properties’ ability to locate mispriced multifamily real estate assets where they can execute their proven value-add strategy” said Lefkowitz. “Meridian was able to aid in the execution of their business plan by negotiating 82% loan-to-cost financing via a flexible floating-rate structure with a significant interest-only period,” he added.