Meridian Capital Group, America’s most active dealmaker, arranged $46 million in financing to refinance a multifamily community in Raritan, NJ on behalf of Castle Lanterra Properties.
The five-year loan, provided by a balance sheet lender, features a rate of 3.75% and one year of interest-only payments followed by a 30-year amortization schedule. Meridian Senior Vice President, Barry Lefkowitz, who is based in the company’s Iselin, NJ office, negotiated the financing for this transaction.
“Meridian initiated the loan for the refinance when rates were beginning to rapidly increase, and as a result of Meridian’s substantial and ongoing relationship with lenders, we were able to lock in a 3.75% interest rate, a phenomenal rate in today’s environment,” said Mr. Lefkowitz.
Located at 100 River Park Drive, the River Park at Raritan, which has since been rebranded to The Lena by Castle Lanterra Properties, is a four-story, class-A, contemporary community comprised of 224 one- to three-bedroom luxury units. The property underwent extensive renovations in 2016, upgrading both common areas and individual units. Apartments feature fully appointed kitchens, personal balconies and patios, quartz countertops, spacious bathrooms, washers and dryers, surround sound systems, wood-style flooring, and upgraded stainless steel appliances. The community boasts best-in-class amenities, including a business center, elevator access on every floor, controlled-access underground parking with assigned spaces, basketball and tennis courts, a heated swimming pool, 24-hour maintenance, an automated package concierge system, and an expansive fitness center with fitness-on-demand and a separate yoga room.
The Lena is located 40 miles south of Manhattan and enjoys easy access to the city via New Jersey Transit at the Raritan Station and several nearby highways. There is more than five million square feet of retail within a five-mile radius of the property, including the 900,000 square foot Bridgewater Commons Mall, in addition to 16 million square feet of occupied office space within 10 miles of the property. Notable employers include AT&T, Merck, Oracle, Pfizer, ING, Philips, and Citigroup.
“This property is a trophy asset in Central New Jersey with a sterling sponsor,” said Israel Schubert, Senior Managing Director of Meridian’s New Jersey office. “Meridian’s team worked closely with the sponsor and the lender to customize a deal that surpassed the client’s expectations.”
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