Dealmaker: Meridian Capital Group Arranges $57M For Georgia Multifamily

Meridian Capital Group, New York, arranged $57 million in financing for Indigo Apartments and Peaks at Gainesville, two Gainesville, Ga., multifamily properties.

Meridian Senior Managing Director Seth Grossman and Senior Vice President Sarah Kuebler arranged acquisition financing from the company’s San Diego office. A debt fund lender provided two uncrossed, interest-only loans with rates in the very low 3 percent range.

Located at 150 Orchard Brooke Drive in Gainesville, 115-unit Indigo Apartments occupies 12.5 acres. Recent upgrades include a newly renovated clubhouse, an enhanced sundeck and a new outdoor playground.

Peaks at Gainesville at 1000 Lenox Park Drive has 292 units on 28.5 acres behind a controlled access gate.

Both properties are in Hall County, Ga., among the nation’s 50 fastest-growing areas, propelled by a surge in new job creation and the planned Northeast Georgia Inland Port expansion, which will provide a direct link to the Port of Savannah via a Norfolk Southern rail line.

Grossman and Kuebler noted Indigo Apartments and Peaks at Gainesville offered the sponsor an opportunity to invest in assets with room to organically increase rents in a strong submarket with double-digit average annual rent growth over the past five years.