Hammer and Karpel of Meridian arrange $52.8 million in acquisition financing

Meridian Capital Group, one of America's most active debt brokers, arranged $52.8 million in acquisition financing for the purchase of the Greenbrook Gardens multifamily property on behalf of SDK Apartments. The $52.8 million loan, provided by a regional balance sheet lender, features a competitive fixed-rate of 3.50%, two years of interest-only payments and a seven-year term with a five-year option. This transaction was negotiated by Meridian vice president, Judah Hammer and managing director, Zev Karpel, who are both based in the company's New York City headquarters. Greenbrook Gardens, a 35-building, 407-unit multifamily community, is located in Somerset County at 1275 Rock Ave. The property features a swimming pool, tennis court and on-site laundry facilities. Residents have access to Rte. 22, I- 287 and I-78. Greenbrook Gardens is close to nearby shopping centers, the Washington Rock Park and the Watchung Reservation. "In such a rapidly moving interest rate environment, Meridian was able to capitalize on our relationship with the lender and a drop in treasuries to lock this seven-year loan at the bottom of the market and then hold the rate until the acquisition closed," said Mr. Hammer. "Additionally, we achieved a loan-to-cost above 75% with a regional balance sheet lender based on the strength of the sponsor and equity going in," added Mr. Karpel.