Meridian Capital Group, America’s most active deal maker, arranged $7.7 million in ground-up construction financing for the development of a luxury apartment building located in Guttenberg, NJ.
The 18-month construction loan, provided by a balance sheet lender, features full-term interest-only payments and two six-month options to extend the loan. This financing was negotiated by Meridian Vice Presidents, Paul Gilbert and Emil DePasquale, who are both based in the company’s Iselin, NJ office.
The future multifamily property, located at 62-68 69th Street in Guttenberg, is planned to be a six-story, 39-unit luxury apartment building. The property is one of a kind that will offer state-of-the-art smart home technology, high-end appliances, exceptional interior design and decor, a fitness center and a vegetated rooftop terrace with outdoor gas fire pits. 62-68 69th Street will be the first property in Guttenberg to offer below-grade onsite secured parking that utilizes car elevators. Tenants enjoy a 10-minute driving distance to New Jersey Route 495 and the Lincoln Tunnel, offering direct access to Manhattan.
“The loan was already committed in early 2016, but the borrower decided to enter into contract to sell the property,” explained Mr. DePasquale. “Nearly a year later, after the sale was not completed, Meridian utilized their relationship with the original lender and was able to achieve favorable terms with full-term interest-only payments, despite changes in the lenders underwriting guidelines.”
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