OLYMPIA, WA—Meridian Capital Group, LLC, a leading national commercial real estate finance and advisory firm, arranged a $23.5 million mortgage for the refinance of the Woodland Apartments multifamily property located in Olympia.
The 10-year loan, provided by Rialto Capital Management, LLC, features a competitive fixed-rate of 4.83% and five years of interest-only payments followed by a 30-year amortization schedule. This transaction was arranged by Meridian Capital Group SVP, Marvin Jeremias, who is based in the company's Iselin, NJ office.
The 224-unit multifamily property located at 800 Yauger Way was built in 2012 and was fully leased by August 2013.
“The quality of the workmanship of the project along with a very attractive amenities package and the subsequent quick velocity of leasing is a credit to the outstanding team at American Capital Group,” said Jeremias. “It was a pleasure working with them and collaborating with Rialto Capital to tailor competitively priced and aggressively structured loan terms. We utilized our strong relationship with Rialto and the upward trajectory of the property, as well as the sterling reputation of the sponsors, to maximize proceeds and enhance returns. We look forward to continuing our partnership with American Capital Group and working together on future transactions,” he added.
Founded in 1991, Meridian Capital Group, LLC is one of the nation's largest commercial real estate finance and advisory firms. Meridian is headquartered in New York with offices in New Jersey, Maryland, Illinois, Florida, Arizona and California.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
