Meridian Capital arranges $114 million for 34-property portfolio; O'Connell and Daniels of Hartman & Craven rep The Dermot Co.

Meridian Capital Group, LLC arranged a $114 million package of mortgages to refinance a significant multifamily portfolio owned by The Dermot Co. and Principal Real Estate Investors. The 34-property multifamily portfolio contains 982 apartment units and eight retail spaces located in Brooklyn, Queens and Manhattan. The 5-year package of loans features fixed-rates of 3.75% and were provided by a local savings bank. Scott Assouline, a senior broker based out of Meridian's New York City headquarters, along with David Farhadian, negotiated the financing and Stephen O'Connell and Tracy Daniels of Hartman & Craven LLP represented The Dermot Co. "Meridian was able to obtain this highly favorable rate for The Dermot Co. and Principal Real Estate Investors by articulating the strength and quality of the assets, the operational experience and expertise of the sponsor, and by leveraging one of Meridian's proprietary lending relationships," said Assouline. "The Dermot Co.'s entire deal team, and their legal counsel in particular, contributed greatly to the successful and efficient execution of this loan." Founded in 1991, Meridian Capital Group, LLC is one of the nation's largest commercial real estate finance and advisory firms. Meridian is headquartered in New York with offices in New Jersey, Maryland, Illinois, Florida and California. Working with a broad array of capital providers, Meridian arranges financing for transactions ranging from $1 million to more than $500 million for multifamily, co-op, office, retail, hotel, mixed-use, industrial, healthcare, student housing, self-storage and construction properties.