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Meridian Provides $57M for Gainesville Apartment Acquisitions
Meridian Capital Group arranged $57 million in financing for the purchase of Indigo Apartments and Peaks at Gainesville, two multifamily properties in Gainesville, GA. Between them, the two properties total 407 units.
The two uncrossed, interest-only loans were provided by a debt fund lender with rates in the very low 3% range. The transactions were negotiated by senior managing director Seth Grossman and SVP Sarah Kuebler of Meridian’s San Diego office.
Both properties are in Hall County, which ranks among the nation’s top 50 fastest growing areas, propelled by a surge in new job opportunities along with the expansion of the Inland Port. Indigo Apartments and Peaks at Gainesville both offered an outstanding opportunity for an experienced sponsor to invest in well-maintained assets with room to organically increase rents in a strong submarket that boasts double digit average annual rent growth over the past five years, Meridian says.
Pictured: Peaks at Gainesville.
- ◦Sale/Acquisition
- ◦Financing
