REBusinessOnline

Meridian Capital Secures $66M Acquisition Financing for Multifamily Portfolio in Florida

The properties total 1,101 units and are located in Atlantic Beach, Jacksonville, Orange Park, Ormond Beach, DeLand and Brandon.

TAMPA, FLA. — Meridian Capital Group has arranged $66 million in acquisition financing for a six-property multifamily portfolio located throughout Florida. Tampa-based Blue Roc Premier acquired the assets, which total 1,101 units and are located in Atlantic Beach, Jacksonville, Orange Park Ormond Beach, DeLand and Brandon. Community amenities across the portfolio include sports courts and swimming pools. Seth Grossman and Sarah Keubler of Meridian’s Solana Beach office arranged the seven-year Freddie Mac loans through Capital One Multifamily Finance on behalf of Blue Roc. Each of the properties were financed separately, and all of the loans featured floating interest rates and two years of interest-only payments. The new ownership plans to invest $10 million to renovate and upgrade the portfolio.

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