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.”
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).