Meridian Capital Group, America’s most active dealmaker, arranged $19 million in financing to refinance a multifamily community in Hackensack, NJ.
The seven-year loan, provided by a balance sheet lender, features a rate of 3.625% and was negotiated by Meridian Vice President, Judah Hammer, and Managing Directort, Zev Karpel, who are based in the company’s New York City headquarters.
Located on Acadia Road in Hackensack, NJ, Summit Gardens consists of 14 two-story, garden-style buildings containing 135 one- and two-bedroom apartments. Units feature amenities including fully-equipped kitchens, hardwood floors, dishwashers, and heat and hot water included in the monthly rent. The community also boasts benefits such as lush landscaping, onsite laundry, and 24-hour maintenance in an advantageous location surrounded by shops, restaurants, schools, and employment opportunities.
An inner suburb of New York City, Hackensack, NJ is located 12 miles northwest of Midtown Manhattan and is easily accessible via bus and New Jersey Transit in just under an hour, or by car in approximately 30 minutes.
“Given Meridian’s substantial and ongoing relationship with real estate lenders, we were able to proactively lock the rate for this loan in December, achieving a mid-3% rate in a rising interest rate environment, and holding this rate until the closing in May,” said Mr. Hammer.
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