S hopping C enters N ew J ersey /P en sylvania

M id A tlantic Real Estate Journal — New Jersey/Pennsylvania — Section B


Hirsch, Hammer, Karpel and Anderson negotiate transactions Meridian Capital arranges $277.4M in financing to refinance 4 properties in Northern & Southern NJ

EW JERSEY AND PENNSYLVANIA — 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 be - half of SDKApartments LLC , a Ridgewood, NJ based invest - ment 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 N

capitalized on the recent dislo - cation in the financial markets, while property fundamentals

is in Parsippany. The 10-year loans for the properties total $168 million,

r e m a i n e d s t r o n g , t o achieve loan terms rarely seen from a balance sheet lender,” said Karpel. F o u n d e d in 1991, Me - ridian Capi - tal Group is A m e r i c a ’ s most active d e a l ma k e r and one of the nation’s lead - ing commer - cial real es - tate finance,

$90.9 million, a n d $ 1 8 . 5 mi l l ion. Al l three loans were provid - ed by a bal - anc e shee t l ender and feature rates o f 3 . 1 3 % , five years of interest-only p a y m e n t s and flexible prepayment penalties. T h e s e transactions were negoti - ated by Me -

Abe Hirsch

Judah Hammer

Village Green Apartments

including office, retail, multi - family, hotel, mixed-use, indus - trial, and healthcare and senior housing properties. Meridian is headquartered in New York City with offices in New Jer - sey, Maryland, Illinois, Ohio, Florida, and California. MAREJ

in financing across more than 250 unique lenders. Meridian represents many of the world’s leading real estate investors and developers and the com - pany’s expansive platform has specialized practices for a broad array of property types

HI-LIGHTS SEPT. 11 - 24, 2020

Zev Karpel

Sean Anderson

investment sales and retail leasing advisors. In 2019, Me - ridian closed over $40 billion

ridian’s Abe Hirsch, Judah Hammer, Zev Karpel and Sean Anderson . “Meridian

RRA sells newly constructed 141 unit modular apartment building in University City for $36M


such as grocery stores, restau - rants, and Clark Park, which hosts a large farmer’s mar -

PHILADELPHIA, PA — Rittenhouse Realty Advisors is pleased to announce the sale


ket as wel l a s nume r - ous event s and festivals throughout the year. Ken Wel- lar , manag- ing partner at RRA, stat -

of 141 apart - ments in the Un i v e r s i t y City section of Philadel - p h i a . T h e class A build - ing, known as The LVL 4125, is lo -


Ken Wellar

Corey Lonberger

ed: “The sale of this property was negotiated at the onset of COVID-19. We received 15 competitive offers.” University City has grown exponentially in recent years into a science and technology start-up hub, making it increasingly attrac - tive to investors. A state-of- the-art commercial lab and office building, known as 3.0 University Place, is being con - structed nearby, which was a huge selling point in market - ing The LVL. Corey Lonberger , manag- ing partner at RRA, noted: “This transaction shows the strength and breadth of RRA’s marketing platform. We con - ducted over 30 tours with

cated at 4125 Chestnut St., close to the University of Penn - sylvania, Drexel University, University of the Sciences, Penn Medicine, and Children’s Hospital of Philadelphia. The LVL 4125 was developed by Alterra Property Group and is one of the largest modu - lar housing developments ever built in the Mid Atlantic. Construction was completed in 2019, and the property has ten years left on the tax abate - ment. The units have luxury finishes with stainless steel appliances, in-unit washers and dryers, a roof deck, a gym, a club room, quiet rooms, and dog run. Tenants enjoy walk - ing to neighborhood amenities



The LVL 4125

various groups and were able to bring the seller great offers and ultimately sell at a high price per unit.” Rittenhouse Realty Advisors is a commercial real estate

and brokerage company in Philadelphia providing advi - sory services to private capital and institutional investors throughout the Northeast Region. MAREJ

www.marej.com 19B

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