Meridian Capital Group arranges $98m in financing for multifamily property
Plainsboro, NJ — Meridian Capital Group arranged $98 million in acquisition financing for the purchase of The Crest at Princeton Meadows, a multifamily property located in Plainsboro on behalf of Harbor Group and Azure Partners.
The seven-year loan, provided by a regional balance sheet lender, features a competitive fixed-rate of 3.75%, two years of interest-only payments followed by a 30-year amortization schedule and a five-year extension option. This transaction was negotiated by Meridian Capital Group senior managing director, Abe Hirsch, managing directors, Moshe Majeski and Zev Karpel, and vice president, Akiva Friend, who are all based in the company’s New York City headquarters.The Crest at Princeton Meadows, located at 3217 Raven Crest Dr., is a garden-style multifamily property totaling 37 three-story buildings with 704 units spanning nearly 41 acres. The property has undergone significant capital improvements since 2012 and is now recognized as the highest quality multifamily community in the Plainsboro area. “Meridian leveraged our unique relationship with the lender and the top-tier quality of the sponsorship and property to achieve a 78% loan-to-value ratio and two years of interest-only payments,” said Hirsch. "We are excited to partner with Jordan Slone and his team at Harbor Group International in acquiring this great asset in a severely supply constrained sub-market. Meridian's team did a great job sourcing superb long term fixed rate financing for the JV from a local balance sheet lender that will enable us to execute our business plan," said Arthur Rosenberg, Chief Executive Officer of Azure Partners.Azure Partners and Harbor Group International have formed a 50/50 joint venture to acquire The Crest at Princeton Meadows in one of the largest multifamily single asset transactions in the State of New Jersey this year.