Meridian Capital Group has arranged $73 million in ground-up construction financing for a multifamily development in Kennesaw, GA. The non-recourse, five-year, floating-rate loan was provided by a life insurance company and features full-term, interest-only payments.

This transaction was negotiated by Meridian managing directors, Jonathan Zilber and Joel Chetner, and VP Hannah Howard.

At completion, Eastpark Village Apartments, will include 579 multifamily units comprised of 277 midrise units and 302 garden apartments. The property is less than two miles from downtown Kennesaw and close to schools, shopping, major employers and restaurants. It is also two miles from 41,000-student Kennesaw State University.

“Kennesaw is a booming submarket of Atlanta that is poised for tremendous growth,” said Chetner. “Our sponsor identified that trend early on, and as a result, lenders competed heavily for the opportunity to finance this development. Ultimately, we were able to achieve extremely compelling non-recourse financing for this market defining project.”