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