Meridian Capital Group, America’s most active deal maker, arranged $26.6 million in construction takeout financing for the refinance of the Morgan Bluff’s luxury multifamily property in Sayreville, NJ on behalf of Highview Properties.
The seven-year balance sheet loan, provided by a New Jersey savings bank, features a fixed rate of 3.63%. This transaction was negotiated by Meridian Managing Directors, Marvin Jeremias and David Cohen.
Morgan’s Bluff, located at 1101 Klimek Place, is a three-story, 150-unit luxury apartment community, comfortably nestled near Cheesequake Creek. The property features an on-site clubhouse, a 24-hour fitness center, a pool, a picnic area, and a business center. Apartment amenities include designer kitchens, luxurious bathrooms, and a private patio or balcony. Morgan’s Bluff offers tenants close proximity to major transportation arteries, including the Garden State Parkway, the New Jersey Turnpike and Route 9, making this ideal for residents commuting to New York City and North Jersey.
“The Morgan’s Bluff luxury apartment community completed construction in June of 2016,” said Mr. Jeremias. “Meridian was able to lock the client in at a low rate at application and negotiated favorable loan terms prior to stabilization when only 91 out of 150 units were leased,” he added.
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