HOBOKEN, NJ-A new 23-unit rental complex at 78 Jefferson St. here has obtained permanent financing of $8.3 million at 3.4% interest through Meridian Capital Group.
The 10-year balance-sheet loan to Urban Residential Properties has a 40-year amortization period.
Meridian Capital's Marvin Jeremias, who is based in Iselin, negotiated this transaction.
“There are several ways to help a borrower enhance cash flow and rather than pursue a shorter interest-only period we were able to negotiate a 40-year amortization that provides a benefit over the full 10-year term,” said Jeremias.
Headquarted in New York City, Meridian has offices in New Jersey, Maryland, Illinois, Florida, Arizona and California. The company works with an array of capital providers, arranging loans from $1 million to $500 million for multifamily, co-op, office, retail, hotel, mixed-use, industrial, healthcare, student housing, self-storage and construction properties.
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