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INDIANAPOLIS-Meridian Realty Investments has obtained $85.76 million in financing to purchase four multifamily properties. Secured through Wachovia Securities, the four loans used in the acquisition of the rental portfolio have a fixed-rate of 6.12%.
The properties include: the 400-unit AMLI on Spring Mill, 14637 Handel Dr., Carmel, built in 1998; the 322-unit AMLI Carmel Center, 675 Beacon St., Carmel, built in 2002; the 300-unit AMLI at Connor Farms, 11400 Gables Dr., Fishers, built in 1995; and AMLI Eagle Creek, 240 units at 5525 Elkhorn Dr., Indianapolis.
The Indianapolis, Houston and Chicago offices of Holliday Fenoglio Fowler, LP teamed up to arrange the financing package. Senior managing directors David Keller and Mike Kavanau, along with managing director Wally Reid worked exclusively on behalf of Meridian Realty Investments.
Kavanau tells GlobeSt.com that Meridian purchased the properties for a grand sum of $115.4 million at a cap rate of 6.5%. Making the deal even more appealing, says Kavanau, was the relationship between Meridian and Louisville-based NTS, a prominent developer and asset manager in the Midwest. NTS will serve as the property manager for all four properties.
Meridian Realty Investments is the real estate investment arm of the Meridian companies, a Boston-based organization that has provided tax-advantaged real estate investment opportunities since 1981.
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