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3650 REIT Originates $103M Mezzanine Loan for Multifamily Portfolio
3650 REIT originated a mezzanine loan for more than $103 million for the recapitalization of the multi-state Southern Residential Portfolio. Senior Managing Director Drew Anderman and Vice President Eddie Haber of Meridian Capital Group arranged the financing. The 12-asset multifamily portfolio spans more than 3,500 units across Louisiana, South Carolina, Georgia, and Tennessee.
The loan, originated from 3650’s Bridge and Event Driven (BED) lending platform, carries an initial term of 24 months and is provided to a joint venture between sponsors David Werner Investments and Onyx Partners, a real estate investment firm led by Jeremy Rieder, and Carlton Associates.
The portfolio comprises more than 3.7 million rentable square feet and spans a mix of one-, two- and three-bedroom apartments with an average size of 1,020 square feet which provide best-in-market common amenities. Nearly one third of the units have been recently renovated with continuing interior renovations underway.
- ◦Financing
