$150M Earmarked for Mid-Atlantic Portfolio

AION Partners has received a $150 million loan to refinance the Mid-Atlantic Multifamily Portfolio, a 10-property collection of apartments located in Delaware, New Jersey and Pennsylvania.

Meridian Capital Group arranged a 10-year Freddie Mac loan, provided by Capital One Multifamily Finance, for AION Partners. The LIBOR-based floating rate includes five years of interest-only payments.

The loan was designed with a combination of conventional and energy utilization products in mind and has tailored loan terms that customize the loan pool across the portfolio to match each asset’s business plan.

The deal was handled by Israel Schubert, Meridian’s senior managing director, David Cohen, managing director and Russ Drebin, senior vice president, all working out of the company’s Iselin, N.J.-based office.

“Meridian was able to leverage the stellar reputation of the sponsor, along with the quality and performance of these well-run assets, to achieve a highly favorable and flexible structure that aligns with the nature of the borrower’s individualized business plan for each property,” Cohen said. “Meridian was able to add substantial value by employing its experience as the leading originator of Freddie Mac loans and deep understanding of the suite of agency programs as well as the agency lending process.”

Units Flush With Features

In total, the portfolio consists of 2,800 units ranging from two to three stories. The properties are located in New Jersey, Pennsylvania and Delaware.

Across the portfolio, many units have recently been renovated and many feature large closets, private balconies, dishwashers and ceiling fans. There’s also community benefits including onsite parking, 24-hour emergency maintenance, swimming pools, sun decks, tennis courts and more.

Last year, Meridian closed more than 3,000 debt transactions across more than 200 unique lenders and sold nearly $1 billion in commercial property.