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.
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