Iselin, NJ — Meridian Capital Group, LLC has secured a $12.9 million loan on Strathmore Road Apartments, a 107 unit apartment complex in Boston, MA, with a local portfolio lender on behalf of Mr. Bruce Percelay, Chairman and Founder of The Mount Vernon Company. The Mount Vernon Company decided to refinance after the existing lender, an insurance company, offered it an early exit late last year. Meridian's strong historic relationship with the new lender helped expedite the processing of the loan and ensure a timely closing in just 39 days. The new, non-recourse, five-year loan is priced at 4.88% and has a 30-year amortization schedule. Max Beyderman and David Cohen of Meridian's New Jersey office handled the transaction.

"Strong borrowers who are commercial real estate veterans and stick to the fundamentals will continue to secure highly competitive financing even in today's market, specifically in the multifamily sector. The extremely fast execution and favorable terms of this loan are good examples of how specific portfolio lenders are stepping up to the plate and following through for good borrowers," said Mr. Beyderman.

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 $500,000 to more than $500 million for multifamily, co-op, office, retail, hotel, healthcare, student housing, self-storage, industrial, and construction properties.