TM Real Estate Group has closed on a $35.5 million loan for the newly completed 240-unit apartment complex Shalimar at Davie. Meridian Capital Group has provided the 10-year loan with a fixed interest rate of 4.04 percent and a full-term repayment schedule of interest-only payments.
Reported by The Real Deal, TM Real Estate Group financed construction with a $34.2 million mortgage from BB&T Bank, after purchasing the 15-acre site for $6.04 million in 2014. The buildings were completed between 2016 and this year. Meridian managing director Noam Kaminetzky said in a release that the loan offers a solution for the borrowers while its construction loan matures. Kaminetzky and Meridian vice president, Jason Grimm, worked on the financing deal.
The Shalimar at Davie is a rental community located in the heart of Davie at 4901 South University Drive. The property is a three-story multi-family development consisting of one-, two- and three-bedroom apartments and two-story townhouses. Rents range from $1,559 to $2,300. Units have garages and storage rooms, and community amenities include a clubhouse with a gym, business center, kids room, coffee bar, pool table and a pool. Read more.