Carriage Club at 1 Hillside Drive in Mount Arlington — Courtesy: Meridian Capital Group
By Joshua Burd
Meridian Capital Group has brokered $18 million in financing for a client to acquire a 106-unit garden apartment complex in Morris County, the firm said.
In a news release, Meridian said it secured the seven-year loan from a regional balance sheet lender, enabling the purchase of Carriage Club Apartments at One Hillside Drive in Mount Arlington. The financing includes a 3.5 percent fixed rate.
A previous announcement from brokers in the deal said the overall purchase price was $23.5 million.
Meridian Senior Vice President Elliot Treitel and Senior Underwriter Steven Helmreich, who are both based in the company’s Iselin office, negotiated the financing.
“The sale was predicated on our client assuming the existing agency financing,” Treitel said. “Despite this condition, Meridian negotiated more accretive and flexible acquisition financing from a local savings bank and worked with the client to use the new financing to pay off the in-place agency financing.”
The complex features a mix of one- , two- and three-bedroom apartments and community amenities including a canine court, picnic and barbeque areas, a swimming pool and a poolside grilling area. Carriage Club Apartments sits off Interstate 80.