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Meridian Financing Acquisitions for Piscataway and Wayne MFs

PISCATAWAY AND WAYNE, NJ—Meridian Capital Group arranged $218.2 million in acquisition financing for the purchase of Pleasant View Gardens and Wayne Village, two multifamily properties located in Piscataway and Wayne, NJ, respectively, on behalf of Cammeby's International.

By Steve Lubetkin | stevelubetkin | | Updated on May 17, 2016
Pleasant View Gardens, 258½ Carlton Avenue, Piscataway, NJ Pleasant View Gardens, 258½ Carlton Avenue, Piscataway, NJ
PISCATAWAY AND WAYNE, NJ—Meridian Capital Group arranged $218.2 million in acquisition financing for the purchase of Pleasant View Gardens and Wayne Village , two multifamily properties located in Piscataway and Wayne, NJ, respectively, on behalf of Cammeby’s International . The 10-year Fannie Mae loans, provided by Capital One Multifamily Finance , feature fixed rates of 3.89 percent and seven years of interest-only payments. The transactions were negotiated by Meridian senior managing director Abe Hirsch and managing director Zev Karpel , both based in the company’s New York City headquarters. “This is an excellent example of using teamwork to deliver the financial solution that met the sponsor’s needs,” says Grace Huebscher , president of Capital One Multifamily Finance . “Our strong relationships with Fannie Mae and Meridian allowed us to work effectively with them to provide the best possible financial structure for the transaction.” Pleasant View Gardens , located at 258½ Carlton Avenue in Piscataway, totals 1,142 units. The garden-style apartment community includes 80 acres of open space, a swimming pool, fitness center, business center and clubhouse and is conveniently located near Interstate 287. Wayne Village , at 1353 Valley Road off of Hamburg Turnpike in Wayne, totals 275 units and is composed of garden-style apartments and townhouses. Community amenities include a swimming pool, fitness center and dog park. Both properties are located within an hour of Manhattan.

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