Shalimar at Davie Closes on $35.5M Loan
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. Work with Us Looking to connect with an experienced development and property management team? TM has over three decades of experience in property and asset management. Contact TM today to learn more.