PINE BROOK, N.J.– Meridian Capital Group LLC has negotiated $100 million in acquisition financing for the purchase of the Rachel Gardens apartment complex located in Pine Brook, N.J. on behalf of Cammeby’s International Group.
The 12-year Fannie Mae loan was provided by Capital One Multifamily Finance and features a fixed interest rate below 4 percent and interest-only payments for the first six years, followed by a 30-year amortization schedule. Abe Hirsch, Zev Karpel and Akiva Friend of Meridian’s New York office negotiated the transaction.
Rachel Gardens was built between 1989 and 1999 and totals 32 three-story buildings with 764 units. The property is located at 67 Chapin Road near U.S. Routes 46, 80 and 280, providing access to New York City and New Jersey.
“This was an example of the kind of results that are possible when you bring knowledgeable parties to the table,” says Grace Huebscher, president of Capital One Multifamily Finance. “Our agency financing team, Fannie Mae, Meridian and the sponsor worked seamlessly together, and I believe all are pleased with the outcome of this transaction.”
Founded in 1991, Meridian Capital Group is a commercial real estate finance and advisory firm. Meridian arranges financing for transactions ranging from $1 million to more than $500 million for multifamily, office, retail, hotel, mixed-use, industrial, healthcare and student housing properties.
— Haisten Willis