A rendering of 62-68 69th St., a planned six-story, 39-unit luxury apartment building in Guttenberg — Courtesy: Meridian Capital Group
By Joshua Burd
Meridian Capital Group has arranged $7.7 million in construction financing for the development of a new luxury apartment building in Guttenberg, the firm announced.
In a news release, Meridian said the 18-month loan is supporting the construction of 62-68 69th St., a six-story, 39-unit luxury apartment building near the Hudson waterfront. The financing, provided by a balance sheet lender, features full-term interest-only payments and two six-month options to extend the loan.
Meridian vice presidents Paul Gilbert and Emil DePasquale, who are both based in the company’s Iselin office, negotiated the financing.
“The loan was already committed in early 2016, but the borrower decided to enter into contract to sell the property,” DePasquale said. “Nearly a year later, after the sale was not completed, Meridian utilized their relationship with the original lender and was able to achieve favorable terms with full-term interest-only payments, despite changes in the lenders underwriting guidelines.”
The new building will offer smart home technology, high-end appliances, a fitness center and a vegetated rooftop terrace with outdoor gas fire pits, the news release said. It will also be the first property in Guttenberg to offer below-grade onsite parking that uses car elevators.