Meridian Capital Group arranged $128 million in acquisition financing for the purchase of Devonshire Hills, a multifamily property in Hauppauge, NY on behalf of Bainbridge Companies, LLC and China Orient Asset Management through its U.S. affiliated entity.
The five-year loan, provided by a regional balance sheet lender, features a fixed-rate of 3.13 percent, two years of interest-only payments and a 75 percent loan-to-cost ratio.
The transaction was originated by managing director Jacob Katz, who is located in the company’s Baltimore, MD office, and was negotiated by senior managing director Abe Hirsch and managing director Zev Karpel, who are both based in Meridian’s New York City headquarters.
Devonshire Hills, located at 1710 Devonshire Road, consists of 43 two-story buildings totaling 656 units. The garden-style apartment community includes a swimming pool, tennis court, fitness center and shared outdoor space.
Located off Veterans Memorial Highway, it is close to the Long Island Expressway and the Islandia Shopping Center.
Founded in 1993, Bainbridge is a family of real estate company engaged in the development, construction, management, acquisition and disposition of residential and commercial real estate.