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Meridian Arranges $40M Refi on Schaumburg Multifamily
Meridian Capital Group arranged $40 million to refinance Remington Place Apartments, a multifamily property in Schaumburg, IL.
The 10-year loan, provided by a balance sheet lender, features a rate of 2.51%. This transaction was negotiated by Meridian VPs Elliot Treitel and Steven Helmreich in the company’s Iselin, NJ office.
“The borrower’s plan was to tap equity in the asset while capitalizing on the extremely compelling interest rate environment,” said Treitel. “Even when factoring in the prepayment penalty, it made economic sense to refinance now, lock in a very favorable rate, and use the proceeds to upgrade the property and for future investment purposes.”
Located at 201 W. Remington Ln., the three-story garden apartment complex is comprised of 529 units with a variety of interior amenities. The complex features additional common amenities including a basketball court, fitness center, volleyball court, sundeck, walking path, swimming pool and two tennis courts.
- ◦Financing
