Meridian Capital Group Arranges $11M Financing for Knoxville Apartments

Meridian Capital Group has arranged $10.8 million in acquisition financing for The Adelade, a multifamily property in Knoxville, TN.

The 24-month loan, provided by a bridge lender, features a rate of LIBOR plus 3.65% and interest-only payments. This transaction was negotiated by Meridian managing director Barry Lefkowitz, and VP Mark Krupenia, who are both based in the company’s Iselin, NJ office.

The three-story asset on Sevier Avenue is comprised of 109 units that are in the process of being renovated.

“The property had recently been partially renovated; however, the existing owners did not capitalize on the rent growth potential in the market. The sponsors, led by Vinny Chopra of Moneil Management, plan to continue upgrading the units and bringing rents up to market,” said Krupenia. “Meridian was able to negotiate an above 80% loan-to-cost deal by displaying the strength of the borrower and their extensive business plan.”