Meridian Capital Group arranged $218.2 million in acquisition financing for the purchase of Pleasant View Gardens and Wayne Village, two multifamily properties located in Piscataway and Wayne, NJ, respectively, on behalf of Cammeby’s International LTD.
The 10-year Fannie Mae loans, provided by Capital One Multifamily Finance, feature fixed rates of 3.89 percent and seven years of interest-only payments. These transactions were negotiated by Meridian senior managing director, Abe Hirsch, and managing director, Zev Karpel, who are both based in the company’s New York City headquarters.
Pleasant View Gardens, located at 258 ½ Carlton Avenue in Piscataway, totals 1,142 units. The garden-style apartment community includes 80 acres of open space, a swimming pool, fitness center, business center and clubhouse and is conveniently located near Interstate 287.
Wayne Village, located at 1353 Valley Road off of Hamburg Turnpike in Wayne, totals 275 units and is composed of garden-style apartments and townhouses. Community amenities include a swimming pool, fitness center and dog park. Both properties are located within an hour of Manhattan.
“This is an excellent example of using teamwork to deliver the financial solution that met the sponsor’s needs,” said Grace Huebscher, President of Capital One Multifamily Finance. “Our strong relationships with Fannie Mae and Meridian allowed us to work effectively with them to provide the best possible financial structure for the transaction.”