Meridian Capital Group arranges $55.1m financing for Avalon Commons

On behalf of AvalonBay Communities, Meridian Capital Group has arranged a first mortgage loan in the amount of $55.1 million for the refinance of Avalon Commons. The property is a garden style residential community consisting of 312 units spread over 13 buildings.   Abe Hirsch of Meridian's New York office successfully negotiated a low fixed interest rate for 5-years with a local lender.   The loan also featured an extension option. Throughout the process Hirsch worked side by side with the borrower and lender as to provide certainty of execution despite the current market volatility.