3650 REIT recently originated a mezzanine loan for more than $103 million to recapitalize the multi-state Southern Residential Portfolio. Senior Managing Director Drew Anderman and Vice President Eddie Haber of Meridian Capital Group arranged the financing. This 12-asset multifamily portfolio consists of 3,500 units across Louisiana, South Carolina, Georgia and Tennessee.
The loan was provided through 3650’s Bridge and Event Driven (BED) lending platform with an initial term of 24 months to a joint venture between sponsors David Werner Investments and Onyx Partners – led by Jeremy Rieder – as well as Carlton Associates.
The portfolio features 3.7 million rentable square feet with one-, two-and three bedroom apartments averaging 1,020 square feet in size that offer best-in market common amenities; nearly one third have been recently renovated while interior renovations are still underway throughout the remainder of the units..
This post originally appeared on Connect CRE .
