Meridian Capital Group negotiated a $22.7 million loan for the purchase of the Franklin Manor Apartments, a multifamily property in Morristown, NJ on behalf of Franklin Manor Associates, LLC.
The seven-year loan, provided by a local balance sheet lender, features a fixed-rate of 3.30 percent and two years of interest-only payments followed by a 30-year amortization schedule.
The transaction was negotiated by Israel Schubert and David Cohen, who are based in the company’s Iselin, NJ, office.
The Franklin Manor Apartments consists of eight two-story multifamily buildings totaling 140 units.
Explained Schubert, “The interest-only period will allow the sponsor to use excess cash flow to implement a planned renovation and improvement plan that will benefit the property while increasing cash flow and value.”