Meridian Capital Group, America’s most active dealmaker, placed a first mortgage of $38.2 million, on behalf of TM Real Estate Group, followed by the assumption of the financing to another borrower in June 2017 for the Cottage Cove multifamily property located in Miami, FL.

The 10-year Fannie Mae loan, provided by Capital One Multifamily Finance, features a fixed rate of 3.95% and two years of interest-only payments. This transaction was negotiated by Meridian Managing Director, Noam Kaminetzky and Vice President, Jason Grimm, who are both based in the company’s Boca Raton, FL office.

“TM Real Estate Group has a long-standing relationship with Meridian and when the opportunity presented itself to sell Cottage Cove, they consulted with us to ensure a seamless process and certainty of execution,” said Mr. Kaminetzky.

“Given the strong performance of the property at 97% occupancy, this property was ripe for a loan assumption and the combination of the in place loan structure and remaining interest-only period, were very attractive to the buyer.” said Mr. Grimm.

Cottage Cove, located at 12 Northeast 188th Street, is a 468-unit multifamily property, consisting of 100 single, two- and three- story buildings. Cottage Cove features studio, one- and two-bedroom units. Property amenities include a newly renovated laundry building, a swimming pool and an on-site leasing office.

Founded in 1991, Meridian Capital Group is America’s most active dealmaker and one of the nation’s leading commercial real estate finance and investment sales firms. In 2016, Meridian closed $35 billion in loan volume and sold over $2 billion in commercial properties. Since inception, the company has closed more than $270 billion in financing with the full complement of capital providers, encompassing local, regional and national banks, CMBS lenders, agency lenders, mortgage REITs, life insurance companies, credit unions and private equity funds. Meridian represents many of the world’s leading real estate investors and developers and the company’s expansive platform has specialized practices for a broad array of property types including office, retail, multifamily, hotel, mixed-use, industrial, healthcare, student housing and self-storage properties. Meridian is headquartered in New York City with offices in New Jersey, Maryland, Illinois, Ohio, Florida and California.