Meridian Arranges $37 Million in Construction Financing for Lighthouse Living’s New Development
Dec 03, 2019 02:32PM
● By Lori Coon
December 3, 2019, New York, NY – Meridian Capital Group, America’s most active dealmaker, arranged $37 million in construction financing for The McClaren, a multifamily property located in an Opportunity Zone in Greenville, SC, on behalf of Westchester, NY-based Lighthouse Living.
The 36-month loan, provided by a balance sheet lender, features full-term interest-only payments and was negotiated by Meridian Senior Managing Director, Rael Gervis, Vice President, Eli Finkel, and Managing Director, Jonathan Stern, who are all based in the company’s New York City headquarters.
“The solid Greenville market fundamentals, strong sponsorship of Lighthouse Living and quality of the McClaren project, in combination, made this attractive to lenders and allowed Meridian to structure and close this financing seamlessly,” said Mr. Gervis. “Further, the fact that this project is in an opportunity zone and was started before the December 31, 2019 deadline to maximize the tax benefits is another value-add for investors in the deal.”
Located at 322 Rhett Street and 106-110 Wardlaw Street in the Downtown neighborhood of Greenville, SC, The McClaren will span more than half a city block and contain 244 apartments, 14,261 square feet of retail space, and 424 parking spots when complete. The nine-story building will consist of 37 studios, 86 one-bedroom units, 111 two-bedroom units, and 10 three-bedroom units featuring gourmet kitchens with quartz countertops, laminate wood flooring, contemporary fixtures and private balconies. The asset will boast a 22,766 square foot amenities package, including a fitness center, pool deck and bar-b-que stations, fire pit, multiple TV lounges, a chef’s kitchen with outdoor terrace space, a meditation room, sauna, and movie theater. The McClaren pays homage to Dr. E.E. McClaren, an African American physician who founded a private hospital at 110 Wardlaw Street in 1949 to serve Greenville’s African American community. The property is advantageously located one block from the corner of South Main Street, surrounded by an array of restaurant and retail options.
Downtown Greenville has undergone a vast revitalization over the past four decades, positioning the city as one of South Carolina’s most popular destinations for shopping, dining, and entertainment. Home to 68,219 residents and an urbanized area population of between 400,000 and 550,000, the city of Greenville is the unofficial capital of Greenville County, which is the most populous county in the state with more than 910,000 residents. Greenville County is also home to 650 manufacturers, 40 Fortune 500 companies, and 150 headquarters, including TD Bank, Michelin, and BMW.
Founded in 1991, Meridian Capital Group is America’s most active dealmaker and one of the nation’s leading commercial real estate finance, investment sales and retail leasing advisors. In 2018, Meridian closed over $37 billion in financing through more than 3,500 transactions across more than 250 unique lenders and sold nearly $1 billion in commercial property. Meridian represents many of the world’s leading real estate investors and developers and the company’s expansive platform has specialized practices for a broad array of property types including office, retail, multifamily, hotel, mixed-use, industrial, and healthcare and senior housing properties. Meridian is headquartered in New York City with offices in New Jersey, Maryland, Illinois, Ohio, Florida, and California.