Meridian Capital Group arranged $148.8 million in senior and mezzanine financing for the purchase of The Village Green multifamily property and the Village Green Shopping Center, located in Mount Olive, NJ, on behalf of SDK Apartments.
The five-year loans, provided by a regional balance sheet lender and a mezzanine lender, feature a blended fixed-rate of 3.67% and interest-only payments.
This transaction was negotiated by Meridian Senior Managing Director, Abe Hirsch, Managing Director, Zev Karpel, and Vice President, Judah Hammer, who are all based in the Company’s New York City headquarters.
The Village Green and the Village Green Shopping Center are adjacent properties located at 100 Route 46.
The 1,172-unit multifamily community, built in 1971, spans 115 acres and features 36 laundry facilities, two pools, a golf course, four tennis courts, basketball and volleyball courts, playground/picnic area, skate park, playing fields and the onsite shopping center.
The Village Green Shopping Center totals 70,154 s/f of retail space and 21,176 square feet of office space. The properties are less than two miles from the Mount Olive and Netcong NJ Transit stations.
“Meridian leveraged its relationships with the senior and mezzanine lenders to structure 85 percent loan-to-cost financing at an extremely competitive blended rate of 3.67% to facilitate this top-tier sponsor’s acquisition,” said Karpel.
SDK Apartments is a privately held, family-owned and operated real estate company that owns, manages and develops multifamily apartment complexes in Northeastern and mid-Atlantic United States.
The company now manages approximately 4,000 units, as well as several medical properties across NJ and PA.