Meridian Capital Group, America’s most active dealmaker, arranged $15 million in construction financing for The Davenport, a multifamily property in Somerville, NJ, on behalf of developer Robert Weiss of Weiss Properties.
Located at 21 Davenport Street in highly sought-after Somerville, NJ, The Davenport will feature four stories with 60 one- and two-bedroom luxury rental units atop a single-story 68-space parking garage. With direct access to major highways and a plethora of shopping and dining in the area, the elegant property will attract young professionals looking for a new, modern, and easily accessible place to live. Communal amenities will include a recreational area, a state-of-the-art fitness center, storage lockers, and a common-area lounge. In addition to retail shops and high-end dining, Somerville has one of the best education systems in the state, having been awarded the District of Distinction and Best Practice Award.
The 30-month construction loan features a prime-based floating rate and was provided by a regional balance sheet lender. Meridian Managing Director, Shaya Ackerman, and Senior Vice President, Shaya Sonnenschein, negotiated the financing for this transaction. Based in the company’s New York City headquarters, Mr. Ackerman and Mr. Sonnenschein specialize in transitional loans across all property types with a focus on structured finance, bridge loans, and value-add business plans. This unique team has distinguished themselves advising sponsors on all aspects of a transaction’s capitalization and has assembled full capital stacks for numerous complex repositioning and development plans.
“Shaya Ackerman and Shaya Sonnenschein are both professional and have a tremendous grasp of the financial market,” said Robert Weiss. “I am glad we were able to continue our relationship with the financing of The Davenport.”
This closing comes on the heels of another successful transaction between Weiss Properties and Mr. Ackerman and Mr. Sonnenschein, who previously arranged $46 million in construction and permanent financing for The Avery, a 450-unit apartment community in Burlington County, NJ.
Somerville is experiencing a substantial economic and population upswing, with Main Street seeing the most robust growth, as host to the area’s largest concentration of retail shops, local amenities, and high-end restaurants. Downtown Somerville, named one of New Jersey’s “Great Places” by the New Jersey Chapter of the American Planning Association, represents the gold standard as a place of cultural and historical interest alongside a strong community and vision for
the future. Somerville is easily accessible from Manhattan via New Jersey Transit at the Somerville station, which is less than a mile from The Davenport.
Founded in 1991, Meridian Capital Group, LLC is one of the nation's largest commercial real estate finance and advisory firms. Meridian is headquartered in New York with offices in New Jersey, Maryland, Illinois, Florida and California. Working with a broad array of capital providers, Meridian arranges financing for transactions ranging from $1 million to more than $500 million for multifamily, co-op, office, retail, hotel, mixed-use, industrial, healthcare, student housing, self-storage and construction properties. www.meridiancapital.com