Meridian Capital Group, LLC negotiated a $100 million mortgage for the purchase of the Rachel Gardens multifamily property located in Pine Brook, NJ on behalf of Cammeby’s International Group.
The 12-year Fannie Mae loan, provided by Capital One Multifamily Finance, features a competitive fixed-rate below 4 percent and interest-only payments for the first six years followed by a 30-year amortization schedule.
This transaction was negotiated by Meridian Capital Group Senior Managing Director, Abe Hirsch, Managing Director, Zev Karpel, and Vice President, Akiva Friend, who are all based in the Company’s New York City headquarters.
The garden-style multifamily property, constructed between 1989 and 1999, totals 32 three-story buildings with 764 units, of which 168 are affordable. Rachel Gardens, located at 67 Chapin Road, is conveniently situated near U.S. Route 46 and less than two miles from U.S. Routes 80 and 280, providing easy access to New York City and New Jersey.
“This was an example of the kind of results that are possible when you bring knowledgeable parties to the table,” says Grace Huebscher, President of Capital One Multifamily Finance.
“Our agency financing team, Fannie Mae, Meridian, and the sponsor worked seamlessly together, and I believe all are pleased with the outcome of this transaction.”