Meridia Metro, a new 222-unit luxury apartment property in Hackensack. — Courtesy: HFF
By Joshua Burd
HFF has arranged nearly $50 million in financing for a newly built 222-unit, luxury apartment complex in Hackensack, the real estate services firm said Tuesday.
Representing the borrower, Capodagli Property Co., HFF placed the long-term, fixed-rate loan through MetLife Real Estate. The financing is tied to a six-story property known as Meridia Metro, located at State and Warren streets, which the developer completed last year.
The HFF debt placement team representing the borrower was led by senior managing director Jon Mikula and managing director Michael Klein, who are based in the firm’s Florham Park office.
“The borrower was seeking a way to take advantage of today’s historically low interest rates and avoid the contingent liabilities associated with the in-place construction loan while still in lease up,” Klein said. “MetLife was able to lock the rate on a 15-year term at application, providing a structure that best met the borrower’s needs.”
Meridia Metro sits near routes 4 and 17 and Interstate 80, with proximity to two NJ Transit rail stations that provide access into Manhattan. The property features a mix of one- and two-bedroom units with high-end finishes and amenities such as a 24-hour fitness center, rooftop terrace and social room, among others.
“HFF has been involved in several of these types of transactions of late,” Mikula said. “Many of our clients are looking to secure debt for a long-term hold or generation play and life companies are best equipped to handle this type of execution.”