Northern NJ Community Scores $52M Refi
BNE Real Estate Group developed the 227-unit luxury residential project in Aberdeen. Built in 2018, The Link at Aberdeen Station sits beside NJ Transit's North Jersey Coast Line.
Meridian Capital Group has arranged a $52 million refinancing deal for The Link at Aberdeen Station, a 227-unit luxury multifamily property in Aberdeen, N.J. A life insurance firm provided the 15-year loan, which includes five years of interest-only payments.
Developed by BNE Real Estate Group, the transit-oriented community at 1101 Schindler Drive was completed at the end of 2018 and comprises five buildings offering a range of studio to two-bedroom units. Amenities include a gated entry, outdoor swimming pool, resident lounge and electric car charging stations.
The Link at Aberdeen Station is adjacent to the Aberdeen-Matawan station on NJ Transit’s North Jersey Coast Line, with direct service to Manhattan and Newark. The project is currently about 60 percent occupied, according to Yardi Matrix data.
Marvin Jeremias, managing director in Meridian’s Iselin, N.J. office, negotiated the refinancing deal. “Meridian successfully structured permanent financing on the property with favorable terms to replace the construction loan while the asset was in the middle of the lease-up process,” Jeremias commented in a prepared statement.
Meridian closed over $37 billion in financing in 2018. The commercial real estate finance and investment sales firm negotiated a $40 million refinancing for three vacant commercial properties in Manhattan’s Financial District last year.