Meridian Capital Group

NewPoint Provides $154M Financing on Jersey City Apartments

March 24, 2023

NewPoint Real Estate Capital has provided a $153.6-million Freddie Mac Conventional loan to refinance The One for developer BLDG Management. The One is a 35-story, 451-unit Class A multifamily high-rise located at 110 First St. in Jersey City. NewPoint worked with Carol Shelby and Eric Schleif of Meridian Capital Group, who represented the borrower.     

“Despite having to navigate complexities around a PILOT tax abatement program, this transaction proceeded smoothly along our targeted timeline for taking out a maturing loan,” said Ryan Koehler, VP, originations at NewPoint. “We rate locked two weeks after application and closed on the same day as commitment, a result of fantastic coordination between NewPoint, Freddie Mac and the Meridian team.”

The seven-year loan features a 35-year amortization schedule, which Freddie Mac provided given the 65% LTV, affordability elements and strength of the sponsorship. The One has a 10-year PILOT tax abatement program with 10 rent-restricted units.

Featuring:
Carol Shelby
Managing Director
Origination
(212)612-0251
[email protected]
Read Article
Recent Articles | Back to News

From Pizzas to Painting — Vesuvio’s Former 10th Ave Home Gets Colorful New Tenant

Article
March 24, 2023

Paint ’N Pour to Bring Painting Parties to Hell’s Kitchen

Article
March 24, 2023

Caffeena Coffee House Takes 4K SF at NoHo's 738 Broadway

Article
March 24, 2023

Meridian Closes First Agency Loan Since 2023 Ban With $173M Freddie Mac Deal

Article
March 24, 2023

Fast-Casual Food Places Conquering Midtown as Workers Return to Office

Article
March 24, 2023

Salon V Owners to Open 4,000-Square-Foot Kids' Salon in Flatiron District

Article
March 24, 2023