CINNAMINSON, NJ-Meridian Capital Group has arranged $40 million in permanent financing for Camelot at Cinnaminson Harbour, a recently-built luxury multifamily complex here.
Meridian negotiated a five-year loan at a fixed rate of 3.64%, with a 30-year amortization period. Josh Munk, a vice-president based in Meridian's Iselin office, handled the transaction.
The 405-unit waterfront apartment complex is part of the master-planned Villages at Cinnaminson Harbour community, which is situated close to Philadelphia, Trenton and Cherry Hill. The complex includes an outdoor pool, fitness center and business center, as well as access to hiking trails along the Delaware River.
“When we began working on the financing for this property it was 55% occupied,” Munk said. ”Meridian leveraged its long-standing lender relationships and market knowledge to obtain 75% loan-to-value terms for our client based on a stabilized occupancy pro forma.”
Munk said that financing structure is highly appealing to developers because they are granted a 90-day period to meet the 90% occupancy rate required by lenders. “It provides them with the ability to tap their equity quickly and invest in new projects,” he said.
New York-based Meridian, which works with a broad array of capital sources, has offices in New Jersey, Maryland, Illinois, Florida, Arizona and California.
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