Village Green Apartments at 100 Route 46 in Budd Lake — Courtesy: Meridian Capital Group
By Joshua Burd
A multifamily and retail owner has refinanced four New Jersey properties for more than $275 million, in a series of recent transactions by Meridian Capital Group.
The brokerage team announced that it represented SDK Apartments LLC, a Ridgewood-based investment and management firm, in refinancing a portfolio that comprises 2,114 apartments and a 73,394-square-foot shopping center. In the largest transaction, Meridian secured $168 million for two properties in the Budd Lake section of Mount Olive, including a 1,172-unit residential complex and the retail property.
The firm noted that both the Village Green Apartments and the Village Green Shopping Center are located at 100 Route 46. The shopping center contains 15 retail tenants, while the multifamily community is comprised of 73 one- and two-story buildings with two swimming pools, a golf course and other amenities, plus garage and surface parking.
Meridian Senior Managing Director Abe Hirsch, managing directors Judah Hammer and Zev Karpel and Associate Sean Anderson brokered the financing. A balance sheet lender provided all three of the 10-year loans, offering rates of 3.13 percent, five years of interest-only payments and flexible prepayment penalties.
The package also includes a $90.9 million loan for Millbridge Gardens, an 848-unit complex of one- and two-bedroom apartments at 1341 Blackwood Clementon Road in Clementon. Meridian noted that the 62-building property has on-site tennis courts, a swimming pool, off-street parking and proximity to dining, shopping and entertainment.
The third property, located at 380-388 Parsippany Road in Parsippany, consists of 124 apartments across five two-story buildings. The capital markets firm arranged $18.5 million in financing for what’s known as Parsippany Gardens.
“Meridian capitalized on the recent dislocation in the financial markets, while property fundamentals remained strong, to achieve loan terms rarely seen from a balance sheet lender,” Karpel said.