FOR IMMEDIATE RELEASE
Meridian Capital Group Arranges $50 Million in Syndicated Construction Financing for a Multifamily and Retail Property in Iselin, NJ
November 1, 2017, Iselin, NJâ€“ Meridian Capital Group, Americaâ€™s most active dealmaker, arranged $50 million in construction financing for the development of multifamily luxury apartments and retail in Iselin, NJ, on behalf of SAMTD Woodbridge LLC. The 36-month, limited-recourse construction loan, provided by two regional balance sheet lender, features a LIBOR-based floating rate and full-term interest-only payments with two 12-month extension options. This transaction was negotiated by Meridian Senior Vice President, Emil DePasquale, who is based in the companyâ€™s Iselin, NJ office. The Grande at Metro Park, located at 3 Ronson Road, is to consist of three, five-story buildings that will contain 232 units, underground and surface level parking, and 8,200 square feet of prime retail space. The property will feature robust new amenities, including an outdoor pool, community gym, yoga room, lounge, juice bar, multipurpose rooms, bike storage rooms, pet washing stations, a catering kitchen with storage, a grilling area and a lobby that opens to scenic woods. The developer is also planning a second phase of the project, which upon completion will bring the total units in the development to 355.
The property is conveniently located in Iselin, NJ, minutes away from major thoroughfares, including the Garden State Parkway, New Jersey Turnpike, and New Jersey Routes 1, 9, 18, 27, and 287, and in close proximity to Metro Park. â€œIn a market where construction lending has become more challenging to obtain, Meridian was able to effectively advocate for our client and negotiate a favorable terms including limited recourse and a flexible prepayment penalty,â€ said Mr. DePasquale. â€œThe most important achievement in this transaction was Meridianâ€™s ability to syndicate the loan by identifying a participant lender which will also provide for an expanded relationship with the borrower in the future,â€ he added.
Founded in 1991, Meridian Capital Group is Americaâ€™s most active deal maker and one of the nationâ€™s leading commercial real estate finance and investment sales firms. In 2016, Meridian closed $35 billion in loan volume and sold over $2 billion in commercial properties. Since inception, the company has closed more than $270 billion in financing with the full complement of capital providers, encompassing local, regional and national banks, CMBS lenders, agency lenders, mortgage REITs, life insurance companies, credit unions and private equity funds. Meridian represents many of the worldâ€™s leading real estate investors and developers and the companyâ€™s expansive platform has specialized practices for a broad array of property types including office, retail, multifamily, hotel, mixed-use, industrial, healthcare, student housing and self-storage properties. Meridian is headquartered in New York City with offices in New Jersey, Maryland, Illinois, Ohio, Florida and California. www.meridiancapital.com