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.
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.