Meridian Arranges $277M Refi on NJ Apartments, Retail
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.
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. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).