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Below-Market Fixed-Rate Refi for Millbridge Gardens
April 11, 2017
Dr. Dinesh Khosla of SDK Apartments borrowed $71.3 million to refinance the SDK Millbridge Gardens in Clementon, NJ. A balance sheet lender provided the seven-year loan with a fixed interest rate of just 3.75%.
“Meridian leveraged its strong lender relationships to secure a below-market fixed rate, despite the sharp rise in interest rates in November and December of 2016,” said Zev Karpel, managing director for Meridian Capital Group. “Additionally, the lender held the rate for 100 days in a very uncertain environment.”
The sprawling community at 1341 Blackwood Clementon Rd. includes 848 garden apartments in the heart of historic Gloucester.
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