Cohen and Beyderman of Meridian negotiate $14.75 million mortgage

Meridian Capital Group, LLC has negotiated a $14.75 million mortgage loan on behalf of The Klein Co. to refinance its Regency Woods Townhomes multifamily property. The five-year permanent financing features an initial floating rate under 2.5% and was provided by a local savings bank. The loan features a LIBOR-based floating rate without a rate floor with the option to fix the rate throughout the term of the loan. Meridian mortgage finance advisors, David Cohen and Max Beyderman, who are based in the company's Iselin, N.J. office, negotiated the deal. The Regency Woods Townhomes is a garden-style multifamily community that contains 156 apartment units. "By structuring an aggressively priced floating-rate loan without a LIBOR floor, as well as favorable prepayment penalty provisions, Meridian was able to enhance The Klein Company's potential returns from the property while providing maximum flexibility," said Cohen. Beyderman said, "Given the sponsor's long track record and experience, and by leveraging Meridian's strong banking relationships, we were able to tailor the structure specifically to the client's needs."