NORTH PLAINFIELD, NJ–Meridian Capital Group arranged $52.8 million in acquisition financing for the purchase of the Greenbrook Gardens multifamily property in North Plainfield, NJ, on behalf of SDK Apartments.
The $52.8 million loan, provided by a regional balance sheet lender, features a competitive fixed-rate of 3.5 percent, two years of interest-only payments and a seven-year term with a five-year option. The transaction was negotiated by Meridian vice president Judah Hammer and managing director Zev Karpel, who are both based in Meridian's New York headquarters.
Greenbrook Gardens, a 35-building, 407-unit multifamily community, is located at 1275 Rock Avenue in North Plainfield. The property features a swimming pool, tennis court and on-site laundry facilities. Residents also enjoy balconies or patios and hardwood flooring in their units as well as quick access to Route 22, Interstate 287 and Interstate 78. Greenbrook Gardens is close to nearby shopping centers, the Washington Rock Park and the Watchung Reservation.
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
