Ytech Cashes Out With Rialto



Crystal Lakes Apartments - Meridian Capital Group 2
Crystal Lakes Apartments

Meridian Capital Group arranged a cash-out refinance for the Crystal Lakes Apartments in suburban Miami, Mortgage Observer has exclusively learned. The $25.5 million CMBS loan came from Rialto Capital Management, said a source close to the deal.

SEE ALSO: Waterton Nabs $82M Capital One Refi for Connecticut Multifamily Property

The 491-unit multifamily property, located in Miami Gardens, Fla., is owned by Miami-based multifamily landlord Ytech International

The 10-year loan has a fixed-rate of 4.89 percent, five years of interest-only payments and a 30-year amortization schedule, according to a representative for Meridian.

A call to Rialto was not immediately returned.

Meridian Managing Director Michael Brown and Loan Originator Brad Beattie worked on the deal.

“After being underwritten using trailing three-months income, we were able to negotiate a substantial cash out and very aggressive loan terms including five years of interest-only payments at a sub-7.5 percent debt yield,” Mr. Brown said in a statement provided exclusively to MO.