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Meridian Secures Construction Financing for Luxury Multifamily in Somerville
Meridian Capital Group recently arranged $15 million in construction financing for The Davenport, a multifamily property in Somerville, NJ, on behalf of developer Robert Weiss of Weiss Properties. Meridian’s Shaya Ackerman and Shaya Sonnenschein negotiated the financing for this transaction.
The 30-month construction loan features a prime-based floating rate and was provided by a regional balance sheet lender. The Davenport will feature four stories with 60 one-and two-bedroom luxury rental units atop a single-story, 68-space parking garage.
This closing comes on the heels of another transaction between Weiss Properties and Meridian. Ackerman and Sonnenschein previously arranged $46 million in construction and permanent financing for The Avery, a 450-unit apartment community in the Burlington County community of Willingboro, NJ.
For comments, questions or concerns, please contact Paul Bubny
- ◦Financing
- ◦Development

