Park Place West Apartments - West Hartford, CT

West Hartford, CT Meridian Capital Group arranged $7.9 million in acquisition financing for the purchase of two multifamily properties on behalf of Prime Quest. The five-year loans were provided by Capital One Multifamily Finance under the Freddie Mac small balance loan program. The loans feature competitive fixed-rates of 4% and one year of interest-only payments followed by 30-year amortization schedules. These transactions were negotiated by Meridian senior vice president, Jacob Schmuckler, and vice president, Sam Shifer, who are both based in the company’s New York City headquarters.

The two four-story properties, Westwynd Apartments and Park Place West, total 106 units and are located in West Hartford’s Elmwood neighborhood at 43-51 Caya Ave. and 158-160 Newington Rd., respectively. The multifamily properties are in close proximity to West Hartford Center and Downtown Hartford.

“Meridian was able to help Prime Quest, a multifamily operator primarily located throughout the Midwest, expand their Connecticut presence by making effective use of Freddie Mac’s small balance loan program,” explained Mr. Schmuckler. “We negotiated financing with an 80% loan-to-cost ratio and interest-only for the borrower,” he continued.

Founded in 1991, Meridian Capital Group is America’s most active debt broker and one of the nation’s leading commercial real estate finance advisory firms. In 2015, Meridian closed over 3,900 loans totaling more than $35 billion in transaction volume with 210 unique lenders, equating to $135 million per business day. Since inception, the company has closed more than $240 billion in financing with the full complement of capital providers, encompassing local, regional and national banks, CMBS lenders, agency lenders, mortgage REITs, life insurance companies, credit unions and private equity funds. Meridian arranges financing for 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, healthcare, student housing and self-storage properties. Meridian is headquartered in New York City with offices in New Jersey, Maryland, Illinois, Florida and California. www.meridiancapital.com