The group also arranged a slightly smaller, $1.01 million,second mortgage for Orchard Terrace in Bogota. The three-storyproperty consists of 25 residential units. Steven Tessler, also ofMeridian's New Jersey office, negotiated with a local portfoliolender to secure the borrower a non-recourse, seven-year fixed-termloan with a five-year renewal option and a 30-year amortization ata rate of 6.125%.
According to the company, multifamily loans have historicallyconstituted the largest component of its business. Transactionsinvolve all types of multifamily properties, from those with only afew units to large, multi-building complexes with hundreds orthousands of residences.
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