HACKENSACK, NJ — Meridian Capital Group arranged $19 million in financing to refinance a multifamily community in Hackensack.
The seven-year loan, provided by a balance sheet lender, features a rate of 3.625% and was negotiated by Meridian vice president, Judah Hammer, and senior vice president, Zev Karpel, who are based in the company’s New York City headquarters.
Located on Acadia Rd. in Hackensack, NJ, Summit Gardens consists of 14 two-story, garden-style buildings containing 135 one- and two-bedroom apartments. Units feature amenities including fully-equipped kitchens, hardwood floors, dishwashers, and heat and hot water included in the monthly rent. The community also boasts benefits such as lush landscaping, onsite laundry, and 24-hour maintenance in an advantageous location surrounded by shops, restaurants, schools, and employment opportunities.
An inner suburb of New York City, Hackensack is located 12 miles northwest of Midtown Manhattan and is easily accessible via bus and New Jersey Transit in just under an hour, or by car in approximately 30 minutes.