Meridian Capital Group, America’s most active dealmaker, arranged $5.2 million in agency financing for the purchase of two multifamily properties located in Irvington, NJ.
The five-year loan, provided by an agency lender, features a fixed rate of 4.05% and one year of interest-only payments. This transaction was negotiated by Meridian Associate, Avi Gorbacz, who is based in the company’s New York City headquarters.
64 Union Avenue is a four-story multifamily property and 70-94 Union Avenue consists of two two-story garden-style apartment properties, totaling 106 units. The contiguous properties are conveniently situated near the Garden State Parkway in the thriving neighborhood of Irvington, NJ. Both properties are in close proximity to shopping and restaurant destinations, including the Hillside Shopping Center and Union Center. The property is also a 15-minute drive from Newark Airport. Residents enjoy close proximity to a variety of parks and recreation, including Newark Museum, Dreyfuss Planetarium, Greenwood Gardens, and Thomas Edison National Historical Park.
“Thanks to Meridian’s long-term relationship with the lender, we were able to secure for the borrower 80% financing and one year of interest-only payments, which is very difficult to procure in this market,” said Mr. Gorbacz.
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