Dealmaker: Meridian Capital Group Arranges $51M Multifamily Loan

Meridian Capital Group, New York, arranged $51.3 million in acquisition financing for The Harbor, a multifamily property in Coral Springs, Fla.

Copperline Partners, West Palm Beach, Fla., sold the property, formerly named Innovo Living on Atlantic, to The CaraCo Group, Kingston, Ontario, in June.

The seven-year loan from a regional balance sheet lender closed at 3.40 percent and included one five-year extension option and three years of interest-only payments. Meridian Managing Director Noam Kaminetzky and Senior Vice President Jason Grimm negotiated the transaction.

Located at 790 Harbor Inn Drive, The Harbor has 33 two-story buildings containing 310 one- and two-bedroom units. Built in 1987, the property recently received an extensive renovation, including a new 5,700-square-foot club house with a climbing wall, a lap pool and a yoga/Pilates studio. The former leasing center was renovated into a resident lounge with a chef-inspired demonstration kitchen.

The Harbor is near several large employment centers with Boca Raton, Cypress Creek, Sunrise, Fort Lauderdale and Pompano Beach all within 20 miles.

“The purchase was originally supposed to close in what turned out to be the middle of the COVID-19 pandemic,” said Kaminetzky. “With concern about the effects of the state-wide shutdown in Florida, CaraCo postponed the closing. Meridian worked with the lender, seller and buyer to create an agreement whereby within 10 business days after Broward County’s stay-at-home order expired, was lifted or amended and retail and restaurants were permitted to open, the deal would close.”