SOMERVILLE, NJ — Meridian Capital Group arranged $27.5 million in financing to refinance The Cobalt, a multifamily property in Somerville on behalf of Weiss Properties.
The 12-year loan was negotiated by Meridian senior managing director, Shaya Ackerman, and senior vice president, Shaya Sonnenschein, who are both based in the company’s NYC HQ.
Located at 70 Veterans Memorial Dr. East in downtown Somerville, The Cobalt was built from the ground up by Weiss Properties and completed in 2017.
“This was a great deal with a great client,” said Ackerman. “Weiss Properties did a fantastic job designing and constructing these luxury apartments, and the class-A appeal was very attractive to lenders.”