Meridian Capital Group, America’s most active debt broker, arranged $20 million in agency financing for the acquisition of The Palms at Magnolia Grove multifamily property, located in Fern Park, FL, on behalf of Blue Rock Premier.  

The non-recourse, seven-year loan features a floating interest rate and two years of interest-only payments. This transaction was negotiated by Meridian Managing Director, Seth Grossman and Vice President, Sarah Kuebler, who are both based in the company’s Carlsbad, CA office.

The Palms at Magnolia Grove, located at 2174 Sharp Court in Fern Park, is a 352-unit garden-style apartment property. The property is centrally located just 10 miles north of Orlando and offers tenants close proximity to Interstate Four, Florida State Road 408, Orlando International Airport, as well as Universal Studios Orlando, Sea World Orlando, Walt Disney World, Rollins College, University of Central Florida, and Florida Hospital Orlando.

“Our client has had great success and extensive experience renovating properties very similar to this asset in the Florida area”, explained Mr. Grossman. “Throughout their track record, they have been able to acquire assets with value-add opportunities and achieve higher rents, maintain minimal vacancy, and in a short period of time significantly increase value.  Having previously closed loans with this client and lender in the past, all sides understood what was needed to ensure a quick, smooth closing that best suited our client’s needs.”

Founded in 1991, Meridian Capital Group is America’s most active deal maker and one of the nation’s leading commercial real estate finance and investment sales firms. In 2016, Meridian closed $35 billion in loan volume and sold over $2 billion in commercial properties. Since inception, the company has closed more than $270 billion in financing with the full complement of capital providers, encompassing local, regional and national banks, CMBS lenders, agency lenders, mortgage REITs, life insurance companies, credit unions and private equity funds. Meridian represents many of the world’s leading real estate investors and developers and the company’s expansive platform has specialized practices for a broad array of property types including office, retail, multifamily, hotel, mixed-use, industrial, healthcare, student housing and self-storage properties. Meridian is headquartered in New York City with offices in New Jersey, Maryland, Illinois, Ohio, Florida and California.