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Meridian Lines Up $77M Construction Loan on Miami Luxury Rentals
Meridian Capital Group arranged $77.1 million in construction financing on behalf of Alta Developers for the ground-up development of CREST at Pinecrest, an 18-story, 296-unit luxury multifamily tower in Miami. The construction loan from a national debt fund features full-term interest-only payments.
The transaction was negotiated by Meridian senior managing director Ronnie Levine, managing director Andrew Liebhard, SVP Ben Jacobs and associate Israel Leiner, all based in the company’s New York City headquarters.
The property, located at 9600 S. Dixie Hwy.in Miami, will include approximately 15,000 square feet of ground-floor retail space and a four-story, 373-space parking garage.
“It was a pleasure working with the Alta Developers team on this financing assignment,” said Levine. “Ultimately, we placed the loan with a lender who provided our client with attractive economic terms and the flexibility needed to implement its business plan.”
- ◦Financing
