Meridian Capital Group negotiated a $66 million loan for the purchase of the St. Moritz Apartments multifamily property in Edgewater, NJ, on behalf of a fund managed by Cornerstone Real Estate Advisers LLC.
The seven-year loan, provided by the NYS Teachers’ Retirement System, features a fixed-rate and interest-only payments for the full-term.
The transaction was negotiated by senior managing director Abe Hirsch, managing director Zev Karpel and vice president Jacob Schmuckler.
St. Moritz Apartments, which was built in 2005 by Fred Daibes, is a 26-story luxury multifamily community totaling 224 units that is located at 100 Daibes Court in Edgewater, NJ.
“Meridian generated competition among numerous lenders in order to provide the client with the most competitive financing terms with a low rate and interest-only payments,” said Hirsch. “We have had a long-standing history with the borrower as a lender on previous transactions. This deal further solidified the relationship and we look forward to continuing to work with Cornerstone.”