Meridian Capital Group, America’s most active dealmaker, arranged $50 million in construction financing for the development of multifamily luxury apartments and retail in Iselin, NJ, on behalf of SAMTD Woodbridge LLC.
The 36-month, limited-recourse construction loan, provided by two regional balance sheet lenders, features a LIBOR-based floating rate and full-term interest-only payments with two 12-month extension options. This transaction was negotiated by Meridian Senior Vice President, Emil DePasquale, who is based in the company’s Iselin, NJ office.
The Grande at Metro Park, located at 3 Ronson Road, is to consist of three, five-story buildings that will contain 232 units, underground and surface level parking, and 8,200 square feet of prime retail space. The property will feature robust new amenities, including an outdoor pool, community gym, yoga room, lounge, juice bar, multipurpose rooms, bike storage rooms, pet washing stations, a catering kitchen with storage, a grilling area and a lobby that opens to scenic woods. The developer is also planning a second phase of the project, which upon completion will bring the total units in the development to 355.
The property is conveniently located in Iselin, NJ, minutes away from major thoroughfares, including the Garden State Parkway, New Jersey Turnpike, and New Jersey Routes 1, 9, 18, 27, and 287, and in close proximity to Metro Park.
“In a market where construction lending has become more challenging to obtain, Meridian was able to effectively advocate for our client and negotiate a favorable terms including limited recourse and a flexible prepayment penalty,” said Mr. DePasquale. “The most important achievement in this transaction was Meridian’s ability to syndicate the loan by identifying a participant lender which will also provide for an expanded relationship with the borrower in the future,” 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