A rendering of The Grande at Metro Park — Courtesy: Meridian Capital Group
By Joshua Burd
The developer of a mixed-use, 232-unit apartment project in Woodbridge has secured a $50 million construction loan under a transaction brokered by Meridian Capital Group.
Representing the builder, SAMTD Woodbridge LLC, Meridian said it arranged the financing for the project at 3 Ronson Road in the township’s Iselin section. Plans for what will be known as The Grande at Metro Park call for three five-story apartment buildings, underground and surface level parking and 8,200 square feet of retail space.
Meridian Senior Vice President Emil DePasquale, who is based in the company’s Iselin office, negotiated the transaction. The 36-month, limited-recourse construction loan was provided by two regional balance sheet lenders, featuring a LIBOR-based floating rate and full-term, interest-only payments with two 12-month extension options.
“In a market where construction lending has become more challenging to obtain, Meridian was able to effectively advocate for our client and negotiate a favorable terms including limited recourse and a flexible prepayment penalty,” DePasquale said. “The most important achievement in this transaction was Meridian’s ability to syndicate the loan by identifying a participant lender which will also provide for an expanded relationship with the borrower in the future.”
Amenities at The Grande will include an outdoor pool, community gym, lounge, juice bar and several other features, Meridian said in a news release. The site is minutes from the Garden State Parkway, New Jersey Turnpike, the Metropark train station and routes 1, 9 and 27.
The developer is also planning a second phase that would add another 123 units.
