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Meridian Arranges $23M Financing for NJ Resi Development
Meridian Capital Group arranged $22.8 million in financing for E Residences on Madison, a new development at 6207 Madison Street, West New York, NJ, for Echeverria Industries. The two-year loan features a floating rate of 3.50% over 30-day SOFR with full-term interest-only payments. Paul Gilbert of Meridian negotiated the financing.
E Residences on Madison will offer amenities including residential floor lounges, a rooftop fitness center, and a community center with grills. The building will also feature indoor parking with EV charging stations.
“Despite the challenging lending landscape, securing this financing underscores the project’s potential and our ability to navigate complex financial waters,” said Gilbert. “E Residences on Madison is a testament to sustainable living, enhancing residents’ lives while prioritizing environmental consciousness.”
- ◦Financing
