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NEW YORK CITY-Acting on behalf of the Chetrit Group and Read Property Group, both based here, Meridian Capital has secured $28.2 million of first mortgage financing. The financing will go toward the acquisition of 138 luxury residential condominium units and 22,400 square feet of retail space in the Plaza at Oceanside in Pompano Beach, FL.

Ladder Capital Finance, formed last year to focus on the commercial real estate sector, provided the non-recourse loan with a two-year term; the rate was not disclosed. Meridian is one of Ladder’s founding and strategic partners, along with TowerBrook Capital Partners, based here, and GI Partners, based in Menlo Park, CA.

Located at 1 N. Ocean Blvd. in Pompano Beach, the Plaza at Oceanside was marketed earlier this year through Cushman & Wakefield in the wake of developer ,a href=”/news/1213_1214/florida/172842-1.html”>WCI Communities’ Chapter 11 bankruptcy filing in 2008. It contains a total of 186 residential units.

In a release, Meridian says it worked with Ladder and the borrowers “to fashion a creative financing in a tight time frame” in spite of “ongoing challenges in the marketplace.” Ronnie Levine, a managing director in Meridian’s New York office, spearheaded the placement.

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