Meridian Capital Group, America’s most active debt broker, arranged $33.8 million in agency financing for the purchase of the Sutton Pointe multifamily property located in Matawan, NJ.
The 10-year Freddie Mac loan, provided by Capital One Multifamily Finance, features a floating rate of 2.73% over the 30-day LIBOR rate and three years of interest-only payments. This transaction was negotiated by Meridian Senior Vice President, Russ Drebin, who is based in the company’s Iselin, NJ office.
Sutton Pointe, located at Two Sutton Drive in Matawan, NJ, is a two-story, 241-unit garden-style apartment complex. The property is conveniently located off of the Garden State Parkway at Exit 120 and is easily accessible from New Jersey Transit. Sutton Pointe is also in close proximity to downtown Matawan, where tenants enjoy a variety of shopping, dining and entertainment. Each unit of the property features modern kitchen appliances, hardwood floors, a washer and dryer, and spacious closets. Community amenities include on-site parking, a fitness center, a pool and a playground.
“In this rapidly evolving market Meridian was able to secure 82% loan-to-cost financing at a favorable rate, as well as a flexible prepayment penalty that is aligned with the sponsor's needs,” said Mr. Drebin.
“Our working partnerships with Meridian and Freddie Mac allow us to tailor our approach on a case by case basis to find the solution that best fits a client’s needs,” said Grace Huebscher, President of Capital One Multifamily Finance. “As always, we’re happy that we were able to help a client achieve its goals.”
About Capital One
Capital One Financial Corporation (www.capitalone.com) is a financial holding company whose subsidiaries, which include Capital One, N.A., and Capital One Bank (USA), N.A., had $226.0 billion in deposits and $345.1 billion in total assets as of September 30, 2016. Headquartered in McLean, Virginia, Capital One offers a broad spectrum of financial products and services to consumers, small businesses and commercial clients through a variety of channels. Capital One, N.A. has branches located primarily in New York, Louisiana, Texas, Maryland, Virginia, New Jersey and the District of Columbia. A Fortune 500 company, Capital One trades on the New York Stock Exchange under the symbol "COF" and is included in the S&P 100 index.
About Meridian Capital Group
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