PMC Property Group has closed on $23.7 million in balance sheet financing for a mixed use asset in downtown Miami called The Atrium. It’s a class A multifamily and retail scheme located at 150 SE 3rd Ave that features 107 units and includes 24,629 square feet of ground-floor retail space. Tenants include CVS, Starbucks and Pizza Hut. Meridian Capital Group arranged the funding with a seven-year fixed-rate loan with an interest rate of 3.75 percent through New York Community Bank. Meridian’s Senior Vice Presidents David Fisher and Scott Jackson negotiated the terms of the deal.
“The asset included a large portion of retail revenue, which eliminated certain lenders who we would normally consider,” said Fisher, in prepared remarks. “Nevertheless, due to Meridian’s broad lender relationships, we were able to negotiate a balance sheet loan, with no restrictions on commercial income, to provide a multifamily-priced seven-year loan with maximum flexibility and no reserve requirements.”
