Meridian Capital Arranges $218M for Large NJ Buy
- May 16, 2016
New York—Meridian Capital Group successfully arranged $218.2 million in acquisition financing on behalf of Cammeby’s International Ltd. to acquire two New Jersey multifamily properties: Pleasant View Gardens in Piscataway and Wayne Village in Wayne.
Capital One Multifamily Finance provided the 10-year Fannie Mae loans with fixed rates of 3.9 percent and seven years of interest-only payments. Meridian’s New York-based Senior Managing Director Abe Hirsch and Managing Director Zev Karpel negotiated the financing.
Cammeby’s International Ltd. will acquire more than 1,400 units between the two properties, which are both within an hour of Manhattan. Pleasant View Gardens, located at 258 1/2 Carlton Ave. offers 1,142 units with 80 acres of open space, a swimming pool, fitness center, business center and clubhouse. Located at 1353 Valley Road, Wayne Village features 275 units with amenities such as a swimming pool, fitness center and dog park.
Grace Huebscher, president of Capital One Multifamily Finance, explained that the company’s solid relationships with Fannie Mae and Meridian allowed the companies to effectively work together “to provide the best possible financial structure for the transaction.”
Meridian has worked with Cammeby’s International before, most recently arranging $28.4 million in permanent financing on behalf of the company for the refinance of Marineview Plaza, a mixed-use property in Hoboken, N.J. In March 2015, Meridian arranged $194 million in financing for Cammeby’s purchase of 30 Park Avenue, a 20-story rental property, from BlackRock and CalPERs.
In 2015, Meridian closed more than 3,900 loans totaling more than $35 billion in transaction volume.