Meridian Capital Arranges $50M Construction Loan
- Oct 31, 2017
Meridian Capital Group has arranged a $50 million construction loan for the development of The Grande at Metro Park, a luxury apartment community with retail space in Iselin, N.J. The firm worked on behalf of SAMTD Woodbridge LLC. The 36-month, limited-recourse construction loan, provided by two regional balance sheet lenders, features a LIBOR-based floating rate and full-term, interest-only payments with two 12-month extension options.
Situated at 3 Ronson Road, the development is minutes away from major thoroughfares, including the Garden State Parkway, New Jersey Turnpike and New Jersey Routes 1, 9, 18, 27 and 287. It is also close to the Metro Park transit station.
The Grande at Metro Park will comprise three, five-story buildings featuring 232 units, underground and surface-level parking, and an 8,200-square-foot retail space. Plans include a second phase of the project, which will bring the number of units to 355. The asset will include amenities such as:
- outdoor pool
- community gym
- yoga room
- juice bar
- multipurpose rooms
- bike storage rooms
- pet washing stations
- catering kitchen with storage
- grilling area
“In a market where construction lending has become more challenging to obtain, Meridian was able to effectively advocate for our client and negotiate a favorable term, including limited recourse and a flexible prepayment penalty,” said Emil De Pasquale, senior vice president at Meridian, in prepared remarks.
The firm also recently arranged a $21.7 million ground-up construction financing for a luxury development located in Pompano Beach, Fla.
Image courtesy of Meridian Capital Group