EDGEWATER, NJ—Meridian Capital Group arranged $66 million for St. Moritz Aoartments here for a deal purchased by a fund managed by Cornerstone Real Estate Advisers. The asset was sold by Fred Daibes, who built the 224-unit development in 2005.
NYS Teachers' Retirement Systems provided the seven-year loan.
New York City-based Meridian is no stranger to assisting with commercial real estate loans in New Jersey, Abe Hirsch, a senior managing director at the firm, tells GlobeSt.com. Last year the firm closed nearly $2 billion in the state, and earlier this year it arranged $33.2 million for Infinity Apartments, also in Edgewater.
"The property is located right on the water in Edgewater and features condominium quality finishes in the units and common areas," Hirsch says. "It is also a short ride to both the GWB [George Washington Bridge] and Lincoln Tunnel."
With 26 stories, St. Moritz also has a resort-stye swimming pool, coffee and juice bar and is located at 100 Daibles Ct., in Edgewater.
Meridian works across the country and arranges deals between $1 million and $500 million in nearly every commercial real estate property sector. Cornerstone, based in Hartford and is a member of MassMutual Financial Group, invests in core and value-added assets for both institutional and other investors.
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