Meridian Capital Group Arranges $27.5 Million in Financing for The Cobalt Apartments, a Multifamily Property in Somerville, NJ Developed by Weiss Properties

February 25, 2019

Meridian Capital Group, America’s most active dealmaker, arranged $27.5 million in financing to refinance The Cobalt, a multifamily property in Somerville, NJ on behalf of Weiss Properties based in New Brunswick, NJ.

The 12-year loan was negotiated by Meridian Senior Managing Director, Shaya Ackerman, and Senior Vice President, Shaya Sonnenschein, who are both based in the company’s New York City headquarters.

Located at 70 Veterans Memorial Drive East in downtown Somerville, NJ, The Cobalt was built from the ground up by Weiss Properties and completed in 2017. Currently, the luxury residential building stands four stories and consists of 117 studios, one-, and two-bedroom apartments with in-unit washers and dryers and modern finishes. The property offers a variety of amenities, including a fitness center with top-of-the-line equipment, a residents’ lounge with a billiards table, and a parking garage.

“This was a great deal with a great client,” said Mr. Ackerman. “Weiss Properties did a fantastic job designing and constructing these luxury apartments, and the class-A appeal was very attractive to lenders.”

Downtown Somerville is ideally positioned for professionals, as the city offers direct access to major highways and is located within an hour from New York City. The area also offers residents access to a plethora of shopping centers and one of New Jersey’s highest-rated school systems. The county seat for Somerset County, Somerville has experienced a substantial economic and population boom, with the city’s Main Street experiencing tremendous growth.

The Ackerman Team’s mission is to provide its clients with best-in-class service while advocating and adeptly negotiating on their behalves. With this approach, the team has closed hundreds of deals, aggregating to over $4 billion since it joined Meridian at the end of 2015. This accomplishment is a testament to the team’s extensive capital markets knowledge, loyal lender and client relationships, and unparalleled professionalism. Specializing in all loan structures and all geographies, Ackerman prides himself on being engaged as an advisor on transactions in their entirety, rather than just the financing aspects of the deal.

Founded in 1991, Meridian Capital Group is America’s most active dealmaker and one of the nation’s leading commercial real estate finance, investment sales and retail leasing advisors. In 2018, Meridian closed over $37 billion in financing through more than 3,500 transactions across more than 250 unique lenders and sold nearly $1 billion in commercial property. Meridian represents many of the world’s leading real estate investors and developers and the company’s expansive platform has specialized practices for a broad array of property types including office, retail, multifamily, hotel, mixed-use, industrial, and healthcare and senior housing properties. Meridian is headquartered in New York City with offices in New Jersey, Maryland, Illinois, Ohio, Florida, and California.
www.meridiancapital.com