Real Estate Journal — Owners, Developers & Managers — November 24 - December 7, 2017 — 3B
M id A tlantic
O wners , D evelopers & M anagers
Organizes $50 million in construction financing for the development of NJ multifamily Meridian arranges $42.4m in FannieMae financing for the acquisition of 300+ unit multifamily property
olumbia, MD — Me- ridian Capital Group , arranged $42.4 million in agency financing for the purchase of a 300+ unit mul- tifamily property in Columbia. The 15-year Fannie Mae loan was provided by Capital One Multifamily Finance and features a fixed-rate of 3.93% and full-term interest-only payments. This transaction was negotiated by Meridian senior vice president, Sam Grunberger and managing di- rector, Barry Lefkowitz , who are both based in the company’s Iselin, NJ office. Meridian Capital Group, arranged $50 million in con- struction financing for the development of multifamily luxury apartments and retail in Iselin, NJ, on behalf of SAMTD Woodbridge LLC. The 36-month, limited- recourse construction loan, provided by two regional bal- C Redwood Realty Advisors takes home honors at NJAA’s Garden State Awards Hasbrouck Heights, NJ — Redwood Realty Ad- visors was awarded the Out- standing Business Partner- ship award at the NJ Apart- ment Association’s (NJAA) 24th Annual Garden State Awards. Judged by a panel of multi- family (apartment) industry experts from NJ and beyond, the celebrated achievement distinguishes Redwood Realty Advisors as one of the most ex- ceptional Multifamily Broker- age & Advisory Services firm in the state. Redwood Realty Advisors was officially honored at the awards gala held at Ocean Place Resort and Spa in Long Branch, NJ. “The caliber of this year’s winners is a true reflection of the level of professionalism our members bring to NJ’s apart- ment industry,” said David Brogan , Executive Director of NJAA. He continued, “This award is direct recognition of Redwood Realty Advisors com- mitment to professionalism.” “We are truly honored to be recognized by the New Jersey Apartment Association with this year’s award,” said Kevin McCrann , managing partner at Redwood Realty Advisors. n
ance sheet lender, features a LIBOR-based floating rate and full-term interest-only payments with two 12-month extension options. This transac- tion was negotiated by Merid- ian senior vice president, Emil DePasquale , who is based in the company’s Iselin, NJ office. The Grande at Metro Park, located at 3 Ronson Rd., is to consist of three, five-story buildings that will contain 232 units, and 8,200 s/f of prime re- tail space. The developer is also planning a second phase of the project, which upon completion will bring the total units in the
development to 355. The property is located in Iselin, NJ, minutes away from major thoroughfares, including the Garden State Parkway, New Jersey Tpke., and New Jersey Rtes. 1, 9, 18, 27, and 287, and in close proximity to Metro Park. “In a market where construc- tion lending has become more challenging to obtain, Meridian was able to effectively advocate for our client and negotiate a favorable terms including limited recourse and a flexible prepayment penalty,” said De- Pasquale. n
Berkshires of Columbia
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