Meridian Capital Group, LLC, a national commercial real estate finance and advisory firm, negotiated $40 million in permanent financing for Camelot at Cinnaminson Harbour, a luxury multifamily complex located in Cinnaminson, NJ.
The five-year loan features a competitive fixed-rate of 3.64% and a 30-year amortization period.
This transaction was negotiated by Meridian Capital Group vice president, Josh Munk, who is based in the Company’s Iselin, NJ office.
Camelot is a recently constructed 405-unit waterfront luxury multifamily complex. The property is part of the master planned community Villages at Cinnaminson Harbour, located just outside of Philadelphia, PA, Trenton and Cherry Hill, NJ.
The community features state-of-the-art amenities including an outdoor pool, fitness center and business center as well as access to scenic hiking trails along the Delaware River.
“When we began working on the financing for this property, it was 55 percent occupied. Meridian leveraged its long-standing lender relationships and market knowledge to obtain 75 percent loan-to-value terms for our client based on a stabilized occupancy proforma,” said Munk.
“This financing structure is extremely desirable for developers because they can forgo waiting for the property to lease up to 90 percent occupancy for 90 days; it provides them with the ability to tap their equity quickly and invest in new projects.”