F inancial D igest

Mid Atlantic Real Estate Journal — July 13 - 26, 2012 — 15A


To expand into equity capital markets Meridian Capital Group adds Steier and Baydala

For 322-unit apartment complex in Lanham, MD Eastern Union positions $11.5 million bridge loan

New York, NY – Meridian Capital Group, LLC, a national real estate finance advisor,

genuinely excited to join the dynamic team here at Meridian and look forward to introducing our new eq- uity services to the Com- pany’s clients n a t i o n a l l y and bu i l d - ing upon our longstanding tradition of excellence in markets in which we operate,” he added. Baydala joins Meridian af- ter five years as Senior Vice President of Commercial Real Estate Banking at Anglo Irish Bank, where he structured and syndicated large commercial loans. At Meridian, Baydala will spearhead the development of the company’s structured finance platform, including a broadening of the firm’s insti- tutional relationships. These expanded relationships will enable Meridian’s financing partners the enhanced flex- ibility to participate in large, Meridian-facilitated financings. Meridian expects that the new platformwill expand its financ- ing capabilities for larger and more complex transactions, especially for deals that require multiple lenders and investors throughout the capital stack. Lenders that the platform will seek to engage will include local and regional banks, small- to mid-sized life insurance compa- nies, and non-U.S.-based lend- ers seeking exposure to U.S. commercial real estate. “I am proud to lead this ini- tiative at Meridian. For more than twenty years, Meridian has earned the confidence and trust of the world’s most sophis- ticated real estate investors and lending institutions. I believe there is significant opportunity through this platform to further expand the company’s market coverage, and to broaden our ability to service our clients and financing partners,” said Baydala. “I am delighted to welcome Peter and Terry to our Merid- ian team. I have no doubt that they will both play significant roles in driving our company to a new level,” said Ralph Herzka, Meridian’s chairman and CEO. n Terry Baydala

L anham, MD —East- ern Union Commer- cial has arranged an

Maryland. The owner plans to begin a capital improve- ment program to enhance its value. Constructed in 1964 and 1965, the 14.6-acre complex includes garden-style walk-up apartments, with one-, two- and three-bedroom units, and 382 parking spaces. Provided through Greystone Servicing Corporation. Inc., the bridge loanwas financed at 7.5 percent and will convert to

a standard 10-year Greystone Fannie Mae DUS loan once the asset is stabilized upon completion of the capital im- provement program. Marc Tropp, managing director of Eastern Union Commercial’s Mid-Atlantic region, negotiated the loan on behalf of the borrowers , working with Andrew Ellis, director of Greystone Servic- ing Corporation’s Bethesda office. n

announ c e d t he r e c en t additions of Peter Steier as managing director, head of equity cap- ital markets, and of Terry Baydala, ex-

$11.5 million bridge loan on behalf of a private real estate com- pany for its eight-build- ing, 322-unit apar tment complex in L a n h a m ,

Peter Steier

ecutive vice president, head of structured finance. Steier will be responsible for overseeing the company’s entry into pro- viding equity capital markets services and Baydala will focus on broadening Meridian’s na- tional and international lender relationships, including by fos- tering the company’s ability to originate and syndicate larger and more complex loans. Steier and Baydala both join Meridian at a pivotal point in its history and strategic growth plan. Meridian, which celebrated its 20th anniver- sary in 2011, has grown into one of the nation’s preeminent commercial real estate finance intermediaries in both dollar volume and loan count, closing $17.3 billion covering nearly 2,800 transactions in 2011. Steier joins Meridian from The Carlton Group where he was a managing director. In his new role for Meridian, Steier is charged with building a full- service equity capital markets platform to complement the company’s debt capital markets expertise. The equity capital markets platform will allow Meridian’s clients access to a broad array of equity-focused transactions, including recapi- talizations, joint venture equity, sponsor equity, passive promot- able equity, acquisition capital, pari passu equity, entity level equity, and preferred equity, as well as highly structured equity to accommodate the most com- plex situations. “With the current trend of recapitalizations and joint ventures, as well as Meridian’s leading position in debt capital markets, the company’s expan- sion into equity services is a natural platform extension at a time when market demand for these services is histori- cally high,” said Steier. “I am

Marc Tropp

Cassidy Turley arranges permanent financing for a 14-story, 234-unit rental apartment project

WASHINGTON, DC—Cas- sidy Turley arranged long term, fixed rate construction and permanent loan financ- ing for a to-be-built 14-story, 234-unit rental apartment project located in the emerg- ing Mount Vernon Triangle neighborhood in Washington, DC. The loan was provided by a life company. Christian Miles, senior managing direc- tor, Phil Mudd, senior manag- ing director, and Brad Geiger, associate vice president, ar- ranged the financing on be- half of affiliates of The Wilkes Company and Quadrangle Development Corporation. “The client was seeking financing that would lock in today’s low fixed rates over more than a 10 year period,” said Mudd. “Quadrangle and The Wilkes Company repre- sented outstanding sponsor- ship and the design was excel- lent,” he continued. “We were able to show lenders how Mt. Vernon Triangle has evolved into a highly attractive of- fice, retail, and residential environment, with most of the developable sites under construction or in late stages of development planning,” added Geiger. “The real secret of Mt. Ver- non Triangle is that there’s even more foot traffic on the streets in the evening com- pared to the daytime hours,” commentedMiles. “It’s terrific to see how vibrant the neigh- borhood has become.” 440 K Street Apartments

440 K Street Apartments

features a sleek, contempo- rary lobby with many other amenities including a fitness center with floor-to-ceiling glass walls and a second floor tranquility garden with a cozy outdoor fireplace and water feature set amidst lush landscaping. In addi- tion, 440K will have a rooftop terrace with two swimming pools, a fire pit, grilling areas and a large, fully equipped community room for residents and events that they host. 440K will have 182 one- bedroom, 26 one-bedroom with den and 26 two-bedroom apartments, all featuring

abundant natural light and condominium-grade finishes, from granite countertops and stainless steel Energy Star appliances to ceramic tiled foyers, kitchens and bath- rooms. Residents in 39 of the west-facing apartments will have balconies and seven apartments on the second floor will feature their own private terraces, directly adjoining the tranquility gar- den. Additional conveniences include bicycle storage, a 96-space parking garage and 24-hour concierge service supported by a smartphone App for service on the run. n

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