HFF Secures $50M Loan for NJ Community

The company arranged the long-term fixes-rate loan on behalf borrower Capodagli Property Co. The 222-unit transit-oriented community offers convenient access into New York City and other major employment hubs.

HFF closed a $49.6 million loan for Capodagli Property Co.’s Meridia Metro, a 222-unit community in Hackensack, N.J. Senior Managing Director Jon Mikula and Managing Director Michael Klein, led HFF’s debt placement team that secured the long-term fixed-rate loan through MetLife Real Estate.

The borrower was seeking a way to take advantage of today’s historically low interest rates and avoid the contingent liabilities associated with the in-place construction loan while still in lease up,” Klein said in prepared remarks. “MetLife was able to lock the rate on a 15-year term at application, providing a structure that best met the borrower’s needs.” 

Located at 100 State St., the community’s unit mix consists of one- and two- bedroom apartments ranging in size from 626 to 918 square feet. Amenities of the five-story building include a fitness center, a clubhouse, a business center, four laundry facilities and 205 parking stalls. Strategically situated at the nexus of State and Warren streets, the transit-oriented property offers convenient access into New York City and other major employment hubs via two New Jersey Transit stations (Essex and Anderson streets). Additionally, residents also have easy access to Newark Liberty International Airport. According to Yardi Matrix, the community—which was completed in 2016—had an occupancy rate of 81.1 percent as of April 2017.

Images courtesy of meridiametro.com