Meridian Capital Closes $3.2M Loan for Palm Beach Multifamily

Riviera Beach, Fla. — A foreign national borrower obtained a $3.8 million loan from Meridian Capital to acquired a 72-unit apartment asset in Palm Beach, Fla.

A balance sheet lender provided the five-year non-recourse loan. Terms included a fixed rate of 3.3% and step-down prepayment penalty.

The borrower, Maxiplex LLC, has plans for significant capital improvements, which will increase net operating income. There are also plans for new lease requirements for tenants.

Located at 1500 West Blue Heron Blvd. in Riviera Beach, the property is currently 33% occupied by month-to-month tenants.