PHILADELPHIA–Meridian Capital Group arranged the $43.4 million acquisition financing package for Treetop Development's recent purchase of the Charter Court apartment complex here. The two-tower complex has 496 units.
A $35.4 million five-year senior loan was provided by a regional balance-sheet lender, with a fixed rate of interest and 18 months of interest-only payments. The $8 million mezzanine loan component has a three-year term at a fixed 8% and interest-only payments for the full term.
Meridian's managing directors Scott Assouline and Peter Steier, who are based in New York City, negotiated this financing.
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