Meridian Capital Group, America’s most active dealmaker, arranged $5.25 million in debt financing for the repositioning of the Wyndham Garden Capitol in Tallahassee, FL.
The two-year loan, provided by a debt fund, features a LIBOR-based rate, full-term interest-only payments, and one 12-month extension option. This transaction was negotiated by Meridian Managing Director, Noam Kaminetzky, who is based in the company’s Boca Raton, FL office.
The property, located at 1355 Apalachee Parkway, is a four-story hotel, consisting of 148 rooms. Situated in the heart of the Sunshine State’s capital, the Wyndham Capitol Garden is conveniently close to the best experiences in Tallahassee, including museums, restaurants, shopping and numerous outdoor activities.
“Thanks to Meridian’s long-term relationship with the lender, we were able to secure a deal that provided the lender with sufficient financial protections and coverage checkpoints, while still giving the borrower the flexibility to execute their business plan and reposition this previously underperforming hospitality asset,” said Mr. Kaminetzky.
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.