Rendering of Harbor Station South, Bayonne, NJ, with Meridian Capital's Shaya Ackerman, left, managing director; and Shaya Sonnenschein, senior vice president (Composite photo)
BAYONNE, RARITAN, AND LINDEN, NJ—Meridian Capital Group arranged $258 million in acquisition and construction financing for three multifamily developments in Bayonne, Linden and Raritan, NJ on behalf of Jack Klugmann and Accurate Builders & Developers.
The $258 million financing package, provided by Madison Realty Capital, was negotiated by Meridian senior managing director Shaya Ackerman and senior vice president Shaya Sonnenschein, who are both based in the company's New York City headquarters.
“We are excited and proud to work with the Accurate team as they expand into these exciting New Jersey markets by constructing fully amenitized multifamily rental products that will set the standard for other developments in the area,” says Ackerman.
Harbor Station South, located at the intersection of Goldsborough Drive and Port Terminal Boulevard in Bayonne, NJ, will consist of 651 studio to two-bedroom units spread across two buildings. The property will feature amenities such as a concierge service and rooftop pool with unobstructed views of the New York City skyline and the Bayonne Golf Course. The property is situated just steps from the New Jersey Transit's 34th Street Station and the new ferry, offering quick access to Manhattan. Harbor Station South is also minutes from South Cove Commons, a retail center with a movie theatre, several grocery options, and a future Costco.
The Crossroads at Raritan, situated on a block bordered by First Avenue, Third Street, Second Avenue, and the New Jersey Transit railroad tracks in Raritan, NJ, will feature 276 units, including 20 affordable apartments, ranging from studios to two-bedrooms. Amenities include a bike-sharing program, virtual yoga studio, and community room. The Crossroads at Raritan is located near the Raritan Train Station and is near local businesses, including Johnson & Johnson's corporate headquarters.
The third property is in Linden, NJ and will feature amenities such as a rooftop deck and pool and will conveniently located near the Linden Train Station and near the Linden Airport.
“Ultimately, we advised the client to move forward with Madison, as they were able to provide a very attractive staged funding, and the flexibility required during construction, which is incredibly important with three properties under development at once,” says Ackerman. “This is a testament to Madison's experience both as a lender and developer.”
“As we expand deeper into New Jersey, it was important to find a lender who truly understands our growth goals and could fully support these developments,” says Jack Klugmann. “Meridian did an excellent job of sourcing a variety of financing options and then facilitating a smooth closing with the team at Madison.”
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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].
