Meridian arranges $42.4m in Fannie Mae financing for the acquisition of 300+ unit multifamily proper
Columbia, MD — Meridian Capital Group, arranged $42.4 million in agency financing for the purchase of a 300+ unit multifamily property in Columbia. The 15-year Fannie Mae loan was provided by Capital One Multifamily Finance and features a fixed-rate of 3.93% and full-term interest-only payments. This transaction was negotiated by Meridian senior vice president, Sam Grunberger and managing director, Barry Lefkowitz, who are both based in the company’s Iselin, NJ office. Meridian Capital Group, arranged $50 million in construction financing for the development of multifamily luxury apartments and retail in Iselin, NJ, on behalf of SAMTD Woodbridge LLC. The 36-month, limited-recourse construction loan, provided by two regional balance sheet lender, features a LIBOR-based floating rate and full-term interest-only payments with two 12-month extension options. This transaction was negotiated by Meridian senior vice president, Emil DePasquale, who is based in the company’s Iselin, NJ office. The Grande at Metro Park, located at 3 Ronson Rd., is to consist of three, five-story buildings that will contain 232 units, and 8,200 s/f of prime retail space. The developer is also planning a second phase of the project, which upon completion will bring the total units in the development to 355. The property is located in Iselin, NJ, minutes away from major thoroughfares, including the Garden State Parkway, New Jersey Tpke., and New Jersey Rtes. 1, 9, 18, 27, and 287, and in close proximity to Metro Park. “In a market where construction lending has become more challenging to obtain, Meridian was able to effectively advocate for our client and negotiate a favorable terms including limited recourse and a flexible prepayment penalty,” said DePasquale.