Marian Manor in Caldwell — Courtesy: Meridian Capital Group
By Joshua Burd
Meridian Capital Group has arranged $15.3 million in financing for a client to acquire a 159-unit senior housing complex in Essex County, the firm said Wednesday.
In a news release, the firm said a balance sheet lender provided the loan for the acquisition of Marian Manor, a four-story property at 7 Ashland Street in Caldwell. The 10-year loan has a fixed rate of 4.45 percent.
Meridian vice presidents Jay Jacobovitch and Josh Munk, who are based in the company’s Iselin office, negotiated the deal.
“The challenge was that the purchase involved the assumption of existing agency debt, which required the new lender to accept being second position to that financing,” Munk said in a prepared statement. “Meridian ultimately obtained 95 (percent) financing of the purchase price by leveraging the strong relationship Meridian created between the borrower and the bank.”
Marian Manor is in close proximity to shops along Bloomfield Avenue and to major transportation arteries, including the Garden State Parkway and Interstate 280.