MERIDIAN CAPITAL ARRANGES $22.3 MILLION IN FINANCING FOR TWO APARTMENTS

TUSCALOOSA, ALA.; AND KNOXVILLE, TENN. — New York City-based Meridian Capital Group has arranged $22.3 million in financing for two apartment communities in Tuscaloosa and Knoxville. In Tuscaloosa, Meridian has brokered $10.8 million in financing for 5050 Cypress Creek Avenue East, a 15-building community housing 220 units. The borrower, Sealy Realty, secured a rate of 5.5 percent over a 7-year term mortgage with 2 years of interest-only payments. Max Beyderman and David Cohen of Meridian’s New Jersey office negotiated the loan on behalf of the borrower. Additionally Israel Schubert and David Cohen of Meridian’s New Jersey office have arranged $11.5 million in financing for Country Oaks Apartments, a 31-building 350-unit apartment community located in Knoxville. The borrower, The Embassy Group, has secured a rate of 5.45 percent over a 7-year term mortgage.