NEWARK, NJ-Meridian Capital Group has completed a $13 million mortgage refinance for the Ballantyne House senior apartments here that are owned by Forest Hill House Associates.
The 15-year non-recourse loan carries a fixed-rate 4.38% interest rate. It has a 30-year amortization schedule and a flexible prepayment penalty. Jay Jacobovitch of the company's Iselin office negotiated the transaction.
“This was a very complex transaction with a long timeline and I credit both the sponsor and the lender for their patience and flexibility in making it a success,” said Jacobovitch. “The property is subject to a HAP contract and the sponsor's business plan included buying out tax credits tied to the property,” which took almost a year, he said.
“Meridian was able to work with the lender to hold its original loan terms over the course of the deal and to obtain $2.5 million in additional proceeds,” Jacobovitch said.
The 16-story building at 595 Prospect Avenue has 169 units.
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