Holliday Fenoglio Fowler secured $49.6 million in financing for Meridia Metro, a six-story, 222-unit multi-housing property in Hackensack, New Jersey.
HFF worked exclusively on behalf of the borrower, Capodagli Property Company, to place the long-term, fixed-rate loan through MetLife Real Estate.
Meridia Metro is situated at the intersection of State and Warren Streets proximate to Routes 4 and 17 and Interstate 80. The transit-oriented property provides access into New York City and other nearby employment hubs. Completed in 2016, Meridia Metro features a mix of one- and two-bedroom units and community amenities that include a 24-hour fitness center; rooftop terrace; pet grooming room; and grade-level parking garage.
The HFF debt placement team representing the borrower was led by senior managing director Jon Mikula and managing director Michael Klein.
“The borrower was seeking a way to take advantage of today’s historically low interest rates and avoid the contingent liabilities associated with the in-place construction loan while still in lease up,” Klein stated.
“MetLife was able to lock the rate on a 15-year term at application, providing a structure that best met the borrower’s needs.”