CLICK HERE to download the PDF

Meredith & Grew Secures $11.1 Million Refinancing for Plantation Club in Melbourne, Florida
July 12, 2007

Boston, Massachusetts - Meredith & Grew’s Capital Markets Group has secured an $11.1 million refinancing loan for the Plantation Club in Melbourne, Florida. Vice President John J. Broderick represented the borrower, Northland Investment Corporation, in the transaction. The five-year, fixed-rate loan closed in May 2007. Prudential Insurance Company financed the deal.

Plantation Club is a 216-unit apartment community consisting of 19 one-, two-, and three-story buildings situated on approximately 11 acres in Melbourne, Florida. The property, which is located one half mile off Interstate 95 within the exclusive community of Suntree, was constructed in 1985 and renovated in 1997. Community amenities include an 18-acre lake featuring sun deck areas and fishing dock, picnic areas, two swimming pools, fitness center, whirlpool spa, tennis courts, 24-hour laundry facilities and a car care center.

“Prudential did an outstanding job recognizing the strength of the asset,” said Broderick. “Prudential was able to structure a highly competitive deal based on property performance hurdles and delivered the flexibility at a very attractive rate.”