Dealmaker: Meridian Capital Group Arranges $103M in Construction Takeout Financing

Meridian Capital Group, New York, arranged $103 million in construction takeout financing for The Pointe on Westshore, a multifamily property in Tampa, Fla.

Meridian Senior Managing Director Morris Betesh and Vice President Alex Bailkin, Managing Director Justin Boruchov, Senior Vice President Peter Martz and Associate Scott Miller negotiated the transaction for client Index Investment Group, Jupiter, Fla.

The loan was refinanced a construction loan that enabled the borrower to recapture all of their equity prior to completion of the project on a non-recourse basis. This transaction was negotiated by Meridian Senior Managing Director, Morris Betesh, and Vice President, Alex Bailkin, who are both based in the company’s New York City headquarters, as well as Managing Director, Justin Boruchov, Senior Vice President, Peter Martz, and Associate, Scott Miller, who are based in the company’s Boca Raton, FL office. Located at 4950 West Prescott Street in Tampa on 23 acres, The Pointe on Westshore will be a 444-unit Class A community with 27 buildings upon completion. The property will consist of six five-story elevator buildings, 14 carriage buildings, a clubhouse and leasing center, and a pool house. There will be garages on the ground floors of the residential buildings in addition to open paved parking spaces for a total of 807 spots. The one-, two-, and three-bedroom apartments will feature vinyl plank flooring, walk-in closets, ceiling fans, designer light fixtures, full-size washers and dryers, private patios or balconies, stainless-steel kitchen appliances, and high-end bathroom finishes. Residents will also benefit from a resort style heated swimming pool and heated lap pool, a clubhouse with leasing offices, a game room, demonstration kitchen, mail center and package room, fitness center, dog park, and indoor and outdoor gathering areas.