Presented By: Meridian Capital Group
Harbor Group International Lends $90M+ Over 2 Weeks for Multifamily Buys in NJ, IL and FL
Meridian Capital Group, America’s most active dealmaker, arranged $97.5 million in financing, provided by Harbor Group International, LLC (HGI), for three multifamily properties located in Dover, NJ, Forest Park, IL and Sunrise, FL on behalf of various ownership groups.
The three bridge loans for the Dover, NJ, Forest Park, IL and Sunrise, FL properties amounted to $44.6 million, $32.5 million and $20.4 million, respectively, and were financed by HGI’s balance sheet bridge lending platform. The floating-rate loans feature full-term interest-only payments and were arranged by Meridian Capital Group teams in its New York, Florida and New Jersey offices.
“HGI continues its commitment to its diversified platform with the closing of these whole loan transactions,” said Richard Litton, President of HGI. “We are pleased to work with Meridian Capital Group once again, and are especially proud that two of these loans closed on the last day of 2020. We look forward to a continued relationship.”
“As a highly experienced and respected participant in the multifamily real estate market, HGI is incredibly well-suited to evaluate deals quickly and efficiently and execute reliably. Additionally, they have a demonstrated ability to pivot in the middle of a deal and effectively solve for any challenges that may arise in the closing process,” added Abe Hirsch, Senior Managing Director at Meridian Capital Group.
The $44.6 million loan was negotiated by Meridian’s Jake Handelsman and Josh Munk and provided for the purchase of a five-story, 214-unit property in Dover, NJ, and will be used to lease and stabilize the new construction building. The property features a mix of one- and two-bedroom units, 283 parking spaces and close proximity to the Dover NJ Transit Train Station and Routes 46 and 15 and Interstate 80.
The $32.5 million loan was negotiated by Meridian’s Jacob Katz, Abe Hirsch and Daniel Hofstedter. It financed the purchase of a five-story, 240-unit property in Forest Park, IL, and will be used to fund the acquisition and subsequent conversion of the property from condominiums to multifamily rentals. The nearly 200,000 square foot building features private balconies, new cabinetry and flooring, stainless steel appliances, dishwashers and renovated bathrooms. Further, residents enjoy convenient access to the I-290 Expressway and Forest Park Transit Center.
The $16.5 million loan was negotiated by Meridian’s Marvin Jeremias and Meyer Ovadia and provided for the purchase and enhancement of a 25-building, 189-unit property in Orlando, FL. Residents enjoy close proximity to downtown Orlando, Metrowest, the Mall at Millenia, the Camping World Stadium and Valencia College’s West Campus as well as abundant retail, numerous parks and recreational areas and a variety of transportation options.
Meridian and HGI closed their first financing through their platform in November 2020. The $20.4 million bridge loan was provided for a 119-unit multifamily property located in Sunrise, FL and financed the renovation and stabilization of the property as it converts fully to multifamily use.
About Harbor Group International, LLC (HGI):
Harbor Group International, LLC, including its affiliates, is a private real estate and real estate related investment and management firm which controls a portfolio of worldwide assets valued at $12.6 billion. HGI is headquartered in Norfolk, Virginia with offices in New York, Baltimore, Los Angeles and Tel Aviv. The company’s real estate holdings include 4.1 million square feet of commercial properties and 46,000 apartment units. For additional information, please visit www.harborgroupint.com.
About Meridian Capital Group:
Founded in 1991, Meridian Capital Group is America’s most active dealmaker and one of the nation’s leading commercial real estate finance, investment sales and retail leasing advisors. In 2019, Meridian closed over $40 billion in financing across more than 250 unique lenders. Meridian represents many of the world’s leading real estate investors and developers and the company’s expansive platform has specialized practices for a broad array of property types including office, retail, multifamily, hotel, mixed-use, industrial, and healthcare and senior housing properties. Meridian is headquartered in New York City with offices in New Jersey, Maryland, Illinois, Ohio, Florida, and California. www.meridiancapital.com