Meridian Arranges $146M Acquisition Financing for Flanders Multifamily

Oakwood Village, Flanders, NJ

FLANDERS, NJ– Meridian Capital Group arranged $146 million in acquisition financing for the purchase of the 1,224-unit garden-style Oakwood Village multifamily property in Flanders, NJ. The seven-year loan, provided by a regional balance sheet lender, has a fixed-rate of 3.625 percent, two years of interest-only payments and a five-year extension option. The transaction was negotiated by Meridian senior managing director Israel Schubert and senior vice presidents Russ Drebin and Steve Halpert , who are all based in the company’s Iselin, NJ office. “The sponsor acquired Oakwood Village with a detailed business plan coming into the acquisition, which includes significant capital improvements,” says Schubert . “ Meridian successfully negotiated loan terms that allowed for the funding of $7.5 million in capital expenditures over and above the 75 percent loan-to-cost acquisition financing, equivalent to 79 percent loan-to-cost in total.” Oakwood Village is located at 77 Oakwood Village in the heart of Flanders, NJ. The apartments have upgraded kitchens with maple cabinetry and new appliances, including built-in microwaves and dishwashers, fireplaces and washers and dryers in select units.  The community features numerous resident amenities including a swimming pool and sundeck, children’s pool, tennis court, playground, dog run, parking garage, on-site management and 24-hour on-site maintenance. Oakwood Village is located in close proximity to numerous parks and recreational areas as well as Route 80.