JERSEY CITY, NJ—Meridian Capital Group negotiated $165 million in permanent financing for The One, a luxury multifamily property in Jersey City, NJ on behalf of BLDG and Ares Management.
The seven-year loan, provided by a life insurance company that was not identified, features a competitive interest rate of 3.55 percent and two years of interest-only payments, followed by a 30-year amortization schedule. The transaction was negotiated by Meridian Capital Group executive vice president Aaron Birnbaum, managing director Carol Shelby, and vice president Dani Sabesan, all based in Meridan's New York City headquarters.
Completed in 2015, The One is a 35-story, 439-unit luxury multifamily property located at 110 First Street in the Powerhouse Arts District of downtown Jersey City, NJ. The building is near the Holland Tunnel and PATH, providing residents with easy access to both Manhattan and Newark. Outdoor amenities include a landscaped rooftop with a swimming pool, lounge, barbeque and fire pits. The adjacent rooftop Sky Lounge offers a full catering kitchen for entertaining. In addition, residents also may make use of the property's business center, gaming lounge, movie theater, children's playroom, fitness center and golf simulator.
“Given the class-A nature of the asset and the tremendous strength and reputation of the sponsorship, lenders competed heavily for this credit opportunity, ultimately allowing Meridian to negotiate highly favorable terms from a balance sheet lender,” says Shelby.
JERSEY CITY, NJ—Meridian Capital Group negotiated $165 million in permanent financing for The One, a luxury multifamily property in Jersey City, NJ on behalf of BLDG and Ares Management.
The seven-year loan, provided by a life insurance company that was not identified, features a competitive interest rate of 3.55 percent and two years of interest-only payments, followed by a 30-year amortization schedule. The transaction was negotiated by Meridian Capital Group executive vice president Aaron Birnbaum, managing director Carol Shelby, and vice president Dani Sabesan, all based in Meridan's
Completed in 2015, The One is a 35-story, 439-unit luxury multifamily property located at 110 First Street in the Powerhouse Arts District of downtown Jersey City, NJ. The building is near the Holland Tunnel and PATH, providing residents with easy access to both Manhattan and Newark. Outdoor amenities include a landscaped rooftop with a swimming pool, lounge, barbeque and fire pits. The adjacent rooftop Sky Lounge offers a full catering kitchen for entertaining. In addition, residents also may make use of the property's business center, gaming lounge, movie theater, children's playroom, fitness center and golf simulator.
“Given the class-A nature of the asset and the tremendous strength and reputation of the sponsorship, lenders competed heavily for this credit opportunity, ultimately allowing Meridian to negotiate highly favorable terms from a balance sheet lender,” says Shelby.
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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].
