Meridian Capital Group has negotiated $49,950,000 in permanent financing for the recently constructed Harrison Station luxury multifamily building in Harrison, NJ.
The loan was arranged on behalf of Harrison Building 1 Urban Renewal LLC, a joint venture between Ironstate Holdings and The Pegasus Group.
The 10-year Freddie Mac loan features a rate of 3.69% and was provided by Beech Street Capital through its correspondent relationship with Meridian.
Meridian finance advisors, David Cohen and Russ Drebin, both based in Meridian’s Iselin, NJ office, negotiated this transaction.
The four-story luxury multifamily complex, located at 300 Somerset Street in Harrison, NJ, is composed of 275 luxury apartments and contains seven retail spaces along Frank E. Rogers Boulevard.
This full-service community is located adjacent to the Harrison PATH station and features distinctive architecture that references the historic details of nearby Hoboken, NJ.
Residents of Harrison Station also enjoy access to a state-of-the-art fitness center, outdoor pool and sundeck, beach volleyball court and a residents lounge.
“Harrison Station is a stunning new development which recently completed stabilization. We were able to work with the borrower to procure timely financing which took full advantage of the strong lease up velocity,” said Cohen.
“Furthermore, the recent dip in treasury yields created an opportunity to secure low-cost, long-term debt at exactly the same time the property began showing its full potential,” he added.