Meridian Capital Group arranged $30.7 million in acquisition financing for The American, a multifamily mid-rise property in Morris Plains, NJ on behalf of Shamah Properties.
The transaction was negotiated by Meridian senior managing director Morris Betesh and SVP Alex Bailkin, both based in the company’s New York City headquarters.
Located at 1000 The American Rd. in Morris Plains, the four-story property includes 125 units and spans 112,378 square feet.
“We worked through a very volatile market and were able to close a fixed-rate loan on a mostly vacant property in lease-up,” said Betesh. “This is a testament to our client’s proven track record and the quality of the asset.”