Meridian Capital Group, America’s most active debt broker, negotiated $28.8 million in financing for the acquisition of an apartment complex, located in New Providence, NJ on behalf of Madison Hill Properties.
The seven-year loan, provided by a regional balance sheet lender, features a fixed rate of 3.50% and one-year of interest-only payments. This transaction was negotiated by Meridian Senior Vice President, Elliot Treitel, who is based in the company’s Iselin, NJ office.
New Providence Gardens, located at 43 Gales Drive in central New Providence, is a two-story, 232-unit garden apartment complex. The property is in close proximity to Short Hills, Chatham and Summit, where residents enjoy a variety of restaurants and shops. New Providence Gardens is a mile from the New Providence NJ Transit train station, providing direct service to Manhattan. The seller was the original builder of the complex in the 1950’s and the property currently features hardwood floors, walk-in closets, high-speed internet access and on-site parking.
“In this rapidly changing market, Meridian negotiated an exceptionally low rate for seven years, allowing the borrower to carry out their business plan to renovate the apartments that will significantly increase rents and the property value, while remaining financially stable,” said Mr. Treitel.
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