Meridian Capital arranges $22.7m in acquisition financing for the Franklin Manor Apartments
MORRISTOWN, NJ — Meridian Capital Group negotiated a $22.7 million loan for the purchase of the Franklin Manor Apartments, a multifamily property located in Morristown, on behalf of Franklin Manor Associates, LLC.
The seven-year loan, provided by a local balance sheet lender, features a competitive fixed-rate of 3.30% and two years of interest-only payments followed by a 30-year amortization schedule. This transaction was negotiated by Meridian Capital Group senior managing director, Israel Schubert, and managing director, David Cohen, who are based in the Company’s Iselin, NJ office.
The Franklin Manor Apartments consists of eight two-story multifamily buildings totaling 140 units. The property is strategically located at 114 Franklin St. in Morristown near all major highways including I-78, I-80 and I-287, the Garden State Parkway and the New Jersey Turnpike. Morristown is a convenient 40-minute drive from New York City via the Holland or Lincoln Tunnels. Further, the property is a short walking distance to numerous small retail boutiques as well as the Morristown Train Station with direct service to Penn Station. Residents also benefit from the property’s close proximity to the Morristown Medical Center.
“Working with the outstanding client team, we were able to obtain financing that affords both extremely aggressive pricing, along with highly favorable prepayment flexibility,” said Schubert. “The interest-only period will allow the sponsor to use excess cash flow to implement a planned renovation and improvement plan that will benefit the property while increasing cash flow and value,” he added.