HACKENSACK, NJ—Holliday Fenoglio Fowler secured $49.6 million in financing for Meridia Metro, a six-story, 222-unit multi-housing property in Hackensack, NJ.
The HFF debt placement team, led by senior managing director Jon Mikula and managing director Michael Klein, worked exclusively on behalf of the borrower, Capodagli Property Company, to place the long-term, fixed-rate loan through MetLife Real Estate. Capodagli specializes in transformational multifamily and mixed-use real estate projects, and focuses on development of affordable luxury properties in urban and suburban areas throughout New Jersey and New York.
“The borrower was seeking a way to take advantage of today's historically low interest rates and avoid the contingent liabilities associated with the in-place construction loan while still in lease-up,” Klein says. “MetLife was able to lock the rate on a 15-year term at application, providing a structure that best met the borrower's needs.”
Meridia Metro is situated at the intersection of State and Warren Streets proximate to Routes 4 and 17 and Interstate 80. The transit-oriented property provides access into New York City and other nearby employment hubs through its proximity to two New Jersey Transit train stations (Essex Street and Anderson Street), transit bus service and Newark Liberty International Airport. Completed in 2016, Meridia Metro features a mix of one- and two-bedroom units with amenities such as stainless steel appliances, granite countertops, hardwood floors and walk-in closets. Community amenities include a 24-hour fitness center; rooftop terrace with cabana bar and fire pit; social room with poker and pool tables; pet grooming room; and grade-level parking garage.
“HFF has been involved in several of these types of transactions of late,” Mikula says. “Many of our clients are looking to secure debt for a long-term hold or generation play and life companies are best equipped to handle this type of execution.”
HACKENSACK, NJ—Holliday Fenoglio Fowler secured $49.6 million in financing for Meridia Metro, a six-story, 222-unit multi-housing property in Hackensack, NJ.
The HFF debt placement team, led by senior managing director Jon Mikula and managing director Michael Klein, worked exclusively on behalf of the borrower, Capodagli Property Company, to place the long-term, fixed-rate loan through
“The borrower was seeking a way to take advantage of today's historically low interest rates and avoid the contingent liabilities associated with the in-place construction loan while still in lease-up,” Klein says. “
Meridia Metro is situated at the intersection of State and Warren Streets proximate to Routes 4 and 17 and Interstate 80. The transit-oriented property provides access into
“HFF has been involved in several of these types of transactions of late,” Mikula says. “Many of our clients are looking to secure debt for a long-term hold or generation play and life companies are best equipped to handle this type of execution.”
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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].
