By Joshua Burd
Meridian Capital Group has arranged a $19 million loan for a multifamily owner to refinance a 135-unit property in Hackensack.
Known as Summit Gardens, the complex on Acadia Road consists of 14 two-story, garden-style buildings containing one- and two-bedroom apartments. Meridian sourced the seven-year loan through a balance sheet lender, touting a rate of 3.625 percent.
Vice President Judah Hammer and Senior Vice President Zev Karpel, who are based in the company’s New York City headquarters, led the assignment.
“Given Meridian’s substantial and ongoing relationship with real estate lenders, we were able to proactively lock the rate for this loan in December, achieving a (mid-3 percent) rate in a rising interest rate environment, and holding this rate until the closing in May,” Hammer said.
In a news release, Meridian touted Hackensack’s location 12 miles northwest of Midtown Manhattan and access to mass transit.
