Meridian Capital arranges a $ 51.3 million loan for an apartment complex in South Florida

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CORAL SPRINGS, FLA. Meridian Capital Group has arranged a $ 51.3 million acquisition loan for The Harbor, a 310-unit apartment complex in Coral Springs. An unnamed regional balance sheet lender provided the seven-year loan, which has a fixed interest rate of 3.4 percent, a five-year extension option, and three years of pure interest payments followed by a 30-year repayment schedule. The port, formerly known as Innovo Living on Atlantic, consists of 33 two-story buildings. The property is located at 790 Harbor Inn Drive, equidistant from Fort Lauderdale and Boca Raton. Communal facilities include a new 5,700-square-foot clubhouse with a climbing wall, fitness center, business center, lap pool, and yoga and Pilates studio. Noam Kaminetzky and Jason Grimm from Meridian Capital arranged the financing on behalf of the borrower CaraCo Group. The sale was originally scheduled to close in late March or early April, according to Kaminetzky, but was delayed due to the COVID-19 pandemic. Meridian Capital worked with all parties to negotiate a new closing date that coincided with the reopening of shops and restaurants in Broward County. Copperline Partners was the seller.


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