DePasquale of Meridian arranges $19.8 million in construction financing

Bound Brook, NJ Meridian Capital Group, one of America’s most active debt brokers, negotiated a $19.8 million construction loan for the development of the final phase of the Queens Gate Apartments, a multifamily project on behalf of Queens Gate Apartments Renewal II, LLC. The three-year loan, provided by a national balance sheet lender, features a LIBOR-based floating-rate and interest-only payments for the full term. This transaction was negotiated by senior vice president, Emil DePasquale, who is based in the company’s Iselin, NJ office. Upon completion, the Queens Gate Apartments, located at 1100 Tea Street, will total three buildings with 144 units. The convenient location offers easy access to Routes 22 and 287 in Central New Jersey. The community features numerous amenities including cutting edge access technology, a covered parking garage and valet garbage service. The beautifully designed lobbies and fine architectural detail create a high-end atmosphere within the community. The final phase of this project totals 96 two-bedroom units and a clubhouse. “Meridian financed the final phase of the project for 96 of the 144 total units in the community. Numerous local lenders were interested in providing financing, but could not meet the borrower’s needs in terms of proceeds,” said Mr. DePasquale. “We were able to identify the optimal lender for this project and obtain an 85% loan-to-cost ratio, which included substantial imputed land credit, to maximize loan proceeds,” he added.