Meridian arranges $33.8 million in agency financing for the purchase of the Sutton Pointe
Matawan, NJ — Meridian Capital Group, one of America’s most active debt brokers, arranged $33.8 million in agency financing for the purchase of the Sutton Pointe multifamily property located in Matawan.
The 10-year Freddie Mac loan, provided by Capital One Multifamily Finance, features a floating rate of 2.73% over the 30-day LIBOR rate and three years of interest-only payments. This transaction was negotiated by Meridian senior vice president, Russ Drebin, who is based in the company’s Iselin office.
Sutton Pointe, located at Two Sutton Dr. in Matawan, NJ, is a two-story, 241-unit garden-style apartment complex. The property is conveniently located off of the Garden State Parkway at Exit 120 and is easily accessible from New Jersey Transit. Sutton Pointe is also in close proximity to downtown Matawan, where tenants enjoy a variety of shopping, dining and entertainment. Each unit of the property features modern kitchen appliances, hardwood floors, a washer and dryer, and spacious closets. Community amenities include on-site parking, a fitness center, a pool and a playground.
“In this rapidly evolving market Meridian was able to secure 82% loan-to-cost financing at a favorable rate, as well as a flexible prepayment penalty that is aligned with the sponsor’s needs,” said Drebin.
“Our working partnerships with Meridian and Freddie Mac allow us to tailor our approach on a case by case basis to find the solution that best fits a client’s needs,” said Grace Huebscher, president of Capital One Multifamily Finance. “As always, we’re happy that we were able to help a client achieve its goals.”
In Pennsylvaina, Meridian arranged $9 million in financing for the refinance of the Hampton Inn Manheim located in Manheim, PA.
The five-year loan, provided by a balance sheet lender, features a fixed rate of 4.87% and was negotiated by Meridian vice president, Josh Munk, who is based in the company’s Iselin office.
The Hampton Inn Manheim, located at 2764 Lebanon Rd., is a four-story, 95-key hotel. The property features spacious guest rooms and suites with wireless internet connection in each room. On-site amenities include a business center, laundry facility, fitness center, a pool and a large events and meeting room. The Hampton Inn Manheim is situated directly off of the Pennsylvania Turnpike and is located in the heart of Pennsylvania Dutch Country, where visitors enjoy close proximity to various tourist attractions, including Hershey Park, Sturgis Pretzel Factory and Tanger Outlets Lancaster.
“It has become a challenge to arrange financing for seasonal assets, such as hotels because of increasingly strict bank regulations,” explained Munk. “While CMBS dynamics allow for hotels to be placed in large loan pools with a variety of loan sizes and property types, it is more difficult to negotiate balance sheet loans for hotel assets,” he added. “Despite the challenges we faced, Meridian’s strong lender relationships allowed us to identify the optimal lender in the market and close at a lower rate than originally quoted with added proceeds.”