The Lena
Loan: $46 Million
Institution: Castle Lanterra Properties
Financier: New York Community Bank
Location: Raritan, NJ
Size of Property: 224 Units
Meridian arranged $46 million in financing to refinance The Lena, a multifamily community in Raritan, NJ on behalf of Castle Lanterra Properties. The five-year loan, which was provided by a balance sheet lender, features a rate of 3.75% and one year of interest-only payments followed by a 30-year amortization schedule. Meridian initiated the loan for the refinance when rates were beginning to rapidly increase, but as a result of the firm’s substantial and ongoing relationship with lenders, was able to lock in a 3.75% interest rate, a very favorable rate in today’s environment.