Meridian Capital Group, America’s most active dealmaker, arranged $15.3 million in balance sheet financing for the purchase of the Marian Manor senior housing property located in Caldwell, NJ.
The 10-year loan, provided by a balance sheet lender, features a fixed-rate of 4.45%. This transaction was negotiated by Meridian Vice Presidents, Jay Jacobovitch and Josh Munk, who are both based in the company’s Iselin, NJ office.
Marian Manor, located at Seven Ashland Street in Caldwell, NJ, is a four-story, 159-unit senior housing complex. Residents enjoy direct access to restaurants and shops along Bloomfield Avenue and are a short drive from the area’s shopping centers, golf clubs and hotels. The property is in close proximity to major transportation arteries, including the Garden State Parkway and the Interstate 280, making Marian Manor easily accessible for visitors.
“The challenge was that the purchase involved the assumption of existing agency debt, which required the new lender to accept being in second position to that financing,” explained Mr. Munk. “Meridian ultimately obtained 95% financing of the purchase price by leveraging the strong relationship Meridian created between the borrower and the bank.”
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