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.”
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