Meridian Capital Group, America’s most active deal maker, arranged $71.3 million in financing for the refinance of the SDK Millbridge Gardens multifamily property located in Clementon, NJ, on behalf of Dr. Dinesh Khosla of SDK Apartments.
The seven-year loan, provided by a local balance sheet lender, features a fixed rate of 3.75%. This transaction was negotiated by Meridian Managing Director, Zev Karpel and Vice President, Judah Hammer, who are both based in the company’s New York City headquarters.
SDK Millbridge Gardens, located at 1341 Blackwood Clementon Road in Clementon, NJ, is a premiere 848-unit garden-style multifamily community in the heart of historic Gloucester. The well-maintained property offers residents newly landscaped lawns and spacious, newly renovated apartments. Community amenities include a bilingual staff, assigned parking, on-site 24-hour maintenance, as well as swimming pools and tennis courts. SDK Millbridge Gardens is in close proximity to regional employment hubs, medical facilities and a variety of restaurants and shops. The property is a short drive from major transportation arteries, including the North-South Freeway and Blackwood Clementon Road.
“Meridian leveraged its strong lender relationships to secure a below-market fixed rate despite the sharp rise in interest rates in November and December of 2016,” said Mr. Karpel. “Additionally, the lender held the rate for 100 days in a very uncertain environment,” he added.
About SDK Apartments:
SDK Apartments is a privately held real estate company that owns, manages, and develops multifamily apartment complexes in Northeastern and mid-Atlantic United States. SDK is committed to improving the quality of life for its’s residents, enhancing the broader communities in which it operates, providing employees with opportunities for growth and accomplishment, and demonstrating personal integrity and dedication at all times. Since its inception, SDK Apartments has been involved in approximately $700 million of real estate transactions, including acquisitions, dispositions and refinancing across a variety of sectors including multifamily, retail, office, and has owned approximately 4,000 apartment units.
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