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Meridian Working on Multifamily Deal

BETHESDA, MD-Meridian Capital Group's Bethesda office has closed or is in the process of closing $250 million in multifamily deals this year for the area. The firm has one large deal brewing here, GlobeSt.com has learned.

By Erika Morphy | Updated on May 11, 2006

(To read more on the debt and equity markets and the multifamily market, click here.)

BETHESDA, MD-GlobeSt.com has learned that Meridian Capital Group’s local office is working on a multifamily acquisition in the suburbs that is “between the contract and closing stages,” says Andrew Weiss, managing director of the office here. The firm is raising both debt and equity. It is an older apartment project purchased at below replacement cost but at an aggressive cap rate, Weiss says. “The buyer will put money in and then raise the yield.”

In general, multifamily’s performance in the DC market continues to be very strong. Like many other markets, the DC multifamily sector has benefited from the high number of condo conversion projects, Weiss observed. “When supply is reduced, naturally, the remaining inventory becomes more valuable.”

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