Meridian Capital arranges $21.5m in financing for purchase of three multifamily communities
CHATHAM, NJ — Meridian Capital Group, one of America’s most active debt brokers, arranged $21.5 million in acquisition financing for the purchase of three multifamily properties in Chatham, NJ on behalf of Madison Hill Properties.
The seven-year loan, provided by a balance sheet lender, features a step-up rate structure and competitive blended rate of 3.43% with interest-only payments. This transaction was negotiated by Meridian senior vice president, Elliot Treitel, and vice president, Steven Helmreich, who are both based in the company’s Iselin, NJ office. The three multifamily properties are located at 500, 525 and 555 Main St. and total 118 units. “We were able to leverage our relationship with a local New Jersey bank to provide our client with a loan that included interest-only and a very favorable blended rate where the first few years of the loan term started with a below-market rate,” said Treitel.