Meridian Capital Group arranged $277.4 million in financing to refinance three multifamily properties and one shopping center in Northern and South New Jersey on behalf of SDK Apartments LLC, a Ridgewood, NJ based investment and management firm.
Village Green Apartments and Village Green Shopping Center are located in Budd Lake; the 848-unit Millbridge Gardens is in Clementon, a suburb of Philadelphia; and the 124-unit Parsippany Gardens is in Parsippany.
The 10-year loans for the properties total $168 million, $90.9 million, and $18.5 million. All three loans were provided by a balance sheet lender and feature rates of 3.13%, five years of interest-only payments and flexible prepayment penalties.
These transactions were negotiated by Meridian’s Abe Hirsch, Judah Hammer, Zev Karpel and Sean Anderson. “Meridian capitalized on the recent dislocation in the financial markets, while property fundamentals remained strong, to achieve loan terms rarely seen from a balance sheet lender,” said Karpel.
Pictured: Village Green Apartments.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism.
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