PHILADELPHIA–Meridian Capital Group arranged the $43.4 million acquisition financing package for Treetop Development‘s recent purchase of the Charter Court apartment complex here. The two-tower complex has 496 units.
A $35.4 million five-year senior loan was provided by a regional balance-sheet lender, with a fixed rate of interest and 18 months of interest-only payments. The $8 million mezzanine loan component has a three-year term at a fixed 8% and interest-only payments for the full term.
Meridian’s managing directors Scott Assouline and Peter Steier, who are based in New York City, negotiated this financing.
“Meridian enlisted a flexible and relationship-oriented lender willing to accommodate the terms of the mezzanine financing, while lending outside of its primary geographic focus,” said Assouline.
Meridian is headquartered in New York with offices in New Jersey, Maryland, Illinois, Florida and California. The firm arranges financing for transactions ranging from $1 million to more than $500 million for the range of property types and construction.