Berkadia Arranges $10.15M Refinancing for Fractured Condo in Tampa, Florida
ESG Kullen refinanced 80 percent of the units at Meridian Luxury Condominiums in
the Town ‘n’ Country section of Tampa
Tampa, Fla. – March 12, 2024 – Berkadia announced today that it has arranged the refinancing of 141 out of 176 condo units at Meridian Luxury Condominiums, located in the Town ‘n’ Country submarket of Tampa, Florida. Managing Director Christopher Apone, Senior Managing Director Charles Foschini, and Associate Director Shannon Wilson of Berkadia South Florida secured a $10.15 million loan on behalf of the owner, ESG Kullen, a New York-based value-add multifamily-focused investment firm.
ESG Kullen began acquiring units at Meridian Luxury Condominiums in November 2021 and owns 141 out of the 176 condo units, or 80 percent of the community.
Amerant provided the two-year, floating-rate loan with 18 months of interest only which will provide the flexibility and term for the borrower to further enhance the asset over their hold period.
“ESG Kullen’s deep expertise in the fractured condo space along with Amerant’s long history of understanding real estate collateral and catering to quality operators made for the ideal lender/borrower relationship,” said Apone.
Located at 7605 Pinery Way, Meridian Luxury Apartments is a 176-unit luxury condo community with spacious units featuring high-quality finishes, tile and vinyl plank flooring, granite countertops, screened-in patios/balconies, and more. It is located in the Town ‘n’ Country district of Tampa, just 15 minutes from the airport, and is within easy access to Veteran’s Expressway and Highways 60 and 275. The location also affords residents access to Tampa’s premier shopping malls, restaurants, museums, sports stadiums, business districts, and beaches.