Meridian Arranges $29M Capital One Refi for Nashville Multifamily Property
By Cathy Cunningham August 8, 2017 4:59 pm
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Capital One Multifamily Finance has provided $29 million in agency financing to refinance the Creekstone Apartments multifamily property in Nashville, Tenn., Commercial Observer can first report.
Meridian Capital Group’s Jacob Katz, Zev Karpel and Daniel Hofstedter secured the 12-year Fannie Mae loan, which has a fixed rate of 4.23 percent and six years of interest-only payments.
Owned by White Eagle Property Group, Creekstone Apartments is a 316-unit multifamily complex located at 266 Stewarts Ferry Pike in Nashville, Tenn. It sits on 23.6 acres of wooded land and comprises 260,950 square feet of residential space. Amenities include a 568-space parking lot, a business center, a clubhouse, a laundry facility, a dog park, an outdoor swimming pool, a barbeque area, two tennis courts and a volleyball court.
“Because of the property’s central location and its well-maintained amenities, the client immediately recognized the opportunity to acquire an asset at a favorable basis and enhance operational performance by applying their property management expertise,” Katz said, in prepared remarks. “White Eagle Property Group’s diverse portfolio and proven track record helped Meridian negotiate favorable terms and six years of interest-only payments.”
“We were happy to work with Meridian to find a solution that worked and that fit the borrower’s needs,” said Jeff Lee, president of Capital One Multifamily Finance. “There are many positives about both Creekstone and White Eagle Property Group and, as always, our team worked hard to achieve this positive result.”
Officials at White Eagle Property Group could not immediately be reached for comment.
