Morgan’s Bluff at 1101 Klimek Place in Sayreville — Courtesy: Meridian Capital Group
By Joshua Burd
A developer is refinancing a newly built apartment complex in Middlesex County with the help of a $26.6 million loan brokered by Meridian Capital Group, the firm said Monday.
Working on behalf of Highview Properties, Meridian said it arranged the seven-year balance sheet loan for Morgan’s Bluff, a three-story property at 1101 Klimek Place in Sayreville. The firm obtained the construction takeout financing, which has a fixed rate of 3.63 percent, through a New Jersey savings bank.
The deal was negotiated by Meridian managing directors Marvin Jeremias and David Cohen.
“The Morgan’s Bluff luxury apartment community completed construction in June of 2016,” Jeremias said. “Meridian was able to lock the client in at a low rate at application and negotiated favorable loan terms prior to stabilization when only 91 out of 150 units were leased.”
Morgan’s Bluff, which sits near Cheesequake Creek, features an on-site clubhouse, a 24-hour fitness center, a pool, a picnic area and a business center, Meridian said in a news release. The property offers quick access to the Garden State Parkway, the New Jersey Turnpike and Route 9.
It is the latest deal for Meridian Capital Group, a New York-based commercial real estate finance and investment sales firm that closed $35 billion in loan volume and sold more than $2 billion in commercial properties in 2016.