Katz, Hirsch and Karpel of Meridian Capital arrange $128 million

Devonshire Hills, 1710 Devonshire Road - Hauppauge, NY

Hauppauge, NY Meridian Capital Group has arranged $128 million in acquisition financing for the purchase of Devonshire Hills, a multifamily property on behalf of Bainbridge Companies, LLC and China Orient Asset Management through its U.S. affiliated entity.

Meridian Capital Group" width="150" height="150" /> Abe Hirsch, Meridian Capital Group

The five-year loan, provided by a regional balance sheet lender, features a fixed-rate of 3.13%, two years of interest-only payments and a 75% loan-to-cost ratio. This transaction was originated by managing director, Jacob Katz, who is located in the company’s Baltimore, MD office and was negotiated by senior managing director, Abe Hirsch, and managing director, Zev Karpel, who are both based in Meridian’s New York City headquarters.

Devonshire Hills, located at 1710 Devonshire Rd., consists of 43 two-story buildings totaling 656 units. The garden-style apartment community includes a swimming pool, tennis court, fitness center and shared outdoor space. Located off Veterans Memorial Hwy., residents enjoy close proximity to the Long Island Expressway and the Islandia Shopping Center.