MERIDIAN ARRANGES $33.2M LOAN FOR INFINITY APARTMENTS BUY

EDGEWATER, N.J. — Meridian Capital Group LLC, has arranged $33.2 million in permanent financing for the Infinity Apartments, a new 100-unit, Class A multifamily property located in Edgewater. The five-year loan, provided by a national balance sheet lender, features a LIBOR-based floating rate and interest-only payments for the full term. Waterton Associates LLC purchased the property in conjunction with Clal US, a 49 percent co-investment partner. Clal US is a wholly owned subsidiary of Clal Insurance, a publicly traded insurance company, pension fund manager and one of Israel’s largest financial institutions. Infinity Apartments is located at 340-342 Old River Road. Units in the property feature custom cabinetry, granite countertops, stainless steel appliances, full-size washer/dryer, walk-in closets and private balconies. Jacob Schmuckler, Abe Hirsch and Zev Karpel of Meridian Capital Group negotiated the transaction.