JENKINTOWN, PA., AND ROCKLAND COUNTY, N.Y. — Meridian Capital Group has secured a total of $51 million for the refinancing of two multifamily communities. In the first transaction, Meridian arranged a $28.5 million loan for The Plaza Apartments, a 224-unit property located on Greenwood Avenue in Jenkintown. The non-recourse loan includes a 10-year term with a 5.37 percent fixed interest rate and a 30-year amortization schedule. It was arranged by Israel Schubert and David Cohen of Meridian's New Jersey office. The borrower was undisclosed and the lender is a portfolio lender. Schubert also arranged $22.5 million for the refinancing of a more than 350-unit multifamily property located in Rockland County. The loan is also non-recourse and includes a 10-year term, a 5.62 percent fixed interest rate and a 30-year amortization schedule. The borrower was undisclosed and the lender was a portfolio lender.
MERIDIAN SECURES $51 MILLION FOR TWO MULTIFAMILY LOANS