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Debt & Equity

Meridian arranges $33M for Israeli joint venture

Meridian Capital Group negotiated $33.2 million in permanent financing for the Infinity Apartments, a new class-A multifamily property located in Edgewater, NJ.

The five-year loan, provided by a national balance sheet lender, features a competitive LIBOR-based floating rate and interest-only payments for the full term.

The transaction was negotiated by vice president Jacob Schmuckler, managing director Abe Hirsch and senior vice president Zev Karpel, who are all based in the company’s New York City headquarters.

INFINITY APARTMENTS
INFINITY APARTMENTS

Waterton Associates, LLC purchased the property on behalf of its closed end, value-add fund and, in conjunction with Clal US, a 49 percent co-investment partner. Clal US a subsidiary of one of Israel’s largest financial institutions.

Waterton Residential, Waterton’s property management division, will oversee the initial lease up and manage the property. Infinity Apartments, located at 340-342 Old River Road in Edgewater, NJ, is a mid-rise community totaling 100 units. It has over 5,500 s/f of retail space, a parking garage and two public parking lots.

“Waterton sought to close the acquisition loan commensurate with the completion of Infinity Apartments construction. In order to obtain permanent financing prior to lease-up, Meridian leveraged its significant relationship with the lender to tailor a flexible financing structure that accommodates this business plan,” said Schmuckler.

“Given the outstanding location of the property and the strength and experience of the sponsorship, we were able to negotiate and close the loan on an expedited 45-day timeframe,” he added.

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