Meridian Capital Group has arranged $258 million in acquisition and construction financing for three multifamily rental communities in Bayonne, Linden and Raritan, N.J., on behalf of owner Accurate Builders & Developers.
The package, provided by Madison Realty Capital, was negotiated by Meridian Senior Managing Director Shaya Ackerman and Senior Vice President Shaya Sonnenschein.
The first property, Harbor Station South, is located in Bayonne, N.J., and will consist of 651 studio to two-bedroom apartments spread across two buildings. The properties will feature amenities including a concierge service and rooftop pool. The Crossroads at Raritan, in Raritan, N.J., will feature 276 apartments, including 20 affordable units, ranging from studios to two-bedrooms. Amenities will include a bike-sharing program, virtual yoga studio and community room.
The third property is located in Linden, N.J., and will feature amenities like a rooftop deck and pool and will be situated near the Linden Train Station and the Linden Airport.
“We are excited and proud to work with the Accurate team as they expand into these exciting New Jersey markets by constructing fully-amenitized multifamily rental products that will set the standard for other developments in the area,” said Ackerman in prepared remarks.
New Jersey’s rising median income and employment rate have led to a surge in multifamily development, according to Yardi Matrix. More than 17,000 units were under construction as of June, with more than 8,500 expected to come online by the end of 2018.
Image courtesy of Meridian Capital Group