$29M Loan for New Jersey Apartments

Madison Hill Properties has taken out $28.8M in financing to buy the New Providence Gardens Apartments in New Providence, NJ. Madison Hill bought the property at 43 Gales Drive from the original builder of the two-story, 232-unit 1950s garden apartment complex, located a mile from the New Providence NJ Transit train station, providing direct service to Manhattan.

A regional balance sheet lender provided the seven-year loan with a fixed rate of 3.50% and one-year of interest-only payments.

“In this rapidly changing market, Meridian negotiated an exceptionally low rate for seven years, allowing the borrower to carry out their business plan to renovate the apartments that will significantly increase rents and the property value,” said Elliot Treitel, senior vice president for Meridian Capital Group in the company’s Iselin, NJ office.

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