Meridian Capital Arranges $51.3M Acquisition Loan for Apartment Complex in South Florida
CORAL SPRINGS, FLA. — Meridian Capital Group has arranged a $51.3 million acquisition loan for The Harbor, a 310-unit apartment complex in Coral Springs. An undisclosed regional balance sheet lender provided the seven-year loan, which features a fixed 3.4 percent interest rate, one five-year extension option and three years of interest-only payments followed by a 30-year amortization schedule. The Harbor, formerly known as Innovo Living on Atlantic, comprises 33 two-story buildings. The asset is located at 790 Harbor Inn Drive, equidistant to Fort Lauderdale and Boca Raton. Communal amenities include a new 5,700-square-foot club house including a climbing wall, fitness center, business center, lap pool, and a yoga and Pilates studio. Noam Kaminetzky and Jason Grimm of Meridian Capital arranged the financing on behalf of the borrower, CaraCo Group. According to Kaminetzky, the sale was originally slated to close in late March or early April but was delayed due to the COVID-19 pandemic. Meridian Capital worked with all parties to negotiate a new closing date, which coincided with Broward County allowing shops and restaurants to reopen. Copperline Partners was the seller.