Meridian Capital Group, Parkvue at Livingston, Livingston, NJ
Institution: Squiretown Properties
Financier: Greystone
Size of property: 220 apartments
Meridian arranged $50 million in financing to refinance Parkvue at Livingston, a five-building multifamily property containing 220 spacious one- and two-bedroom units. The 10-year Freddie Mac loan features a rate of 2.94% and five years of interest-only payments followed by a 30-year amortization schedule. Despite challenges presented by COVID-19, Meridian was able to negotiate favorable terms for our client, including a historically low interest rate and no debt service reserves, ensuring the ongoing success of the property.