The group also arranged a slightly smaller, $1.01 million, second mortgage for Orchard Terrace in Bogota. The three-story property consists of 25 residential units. Steven Tessler, also of Meridian's New Jersey office, negotiated with a local portfolio lender to secure the borrower a non-recourse, seven-year fixed-term loan with a five-year renewal option and a 30-year amortization at a rate of 6.125%.
According to the company, multifamily loans have historically constituted the largest component of its business. Transactions involve all types of multifamily properties, from those with only a few units to large, multi-building complexes with hundreds or thousands of residences.
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