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Meridian Arranges Refi on Class A Apartments in Somerville
Meridian Capital Group recently arranged $27.5 million in financing to refinance the Cobalt, a multifamily property in Somerville, NJ on behalf of Weiss Properties.
The 12-year loan was negotiated by senior managing director Shaya Ackerman and SVP Shaya Sonnenschein, both based in Meridian’s New York City headquarters.
Located at 70 Veterans Memorial Dr. East in downtown Somerville, NJ, the Cobalt was built from the ground up by New Brunswick, NJ-based Weiss and completed in 2017. The four-story property includes 117 rental apartments, ranging from studios to two-bedroom units.
It offers a variety of amenities, including a fitness center with top-of-the-line equipment, a residents’ lounge with a billiards table and a parking garage.
“This was a great deal with a great client,” said Ackerman. “Weiss Properties did a fantastic job designing and constructing these luxury apartments, and the Class A appeal was very attractive to lenders.”
For comments, questions or concerns, please contact Paul Bubny
- ◦Financing
