COLLINGSWOOD, NJ-Meridian Capital Group negotiated a $7 million loan for development and refinancing of The Collings at the Lumberyard apartment complex here at 3.9% interest.
The loan for builder Ingerman has a ten-year term. Meridian's Ben Brown, who is based in the company's Iselin office arranged the transaction.
The 34-unit first phase of The Collings at the Lumberyard is located at 588 North Atlantic Avenue. The second phase of the complex is currently under construction and will add a five-story, mixed-use building with 70 luxury apartments, 12,000 square feet of office space and 1,500 square feet of retail space.
“Meridian leveraged its strong relationship with the lender and the top-tier qualifications of the borrower to obtain highly favorable terms for the deal, despite the rising market interest rates,” said Brown.
Meridian is headquartered in New York with offices in New Jersey, Maryland, Illinois, Florida, Arizona and California.
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