Meridian Capital Group arranges $165 million in life insurance co. financing for The One multifamily property

Jersey City, NJ Meridian Capital Group negotiated $165 million in permanent financing for The One, a multifamily property, on behalf of BLDG and Ares Management LP.

The seven-year loan, provided by a life insurance company, features a rate of 3.55% and two years of interest-only payments followed by a 30-year amortization schedule. This transaction was negotiated by Meridian executive vice president, Aaron Birnbaum, managing director, Carol Shelby, and vice president, Dani Sabesan, who are all based in the company’s N.Y.C headquarters.

Completed in 2015, The One is a 35-story, 439-unit multifamily property located at 110 First St. in the Powerhouse Arts District. The building is in close to the Holland Tunnel and the PATH, providing residents with access to Manhattan and Newark.

Outdoor amenities include a landscaped rooftop with a swimming pool, lounge, barbeque and fire pits. The adjacent rooftop Sky Lounge offers a full catering kitchen for entertaining. In addition, residents also may make use of the property’s business center, gaming lounge, movie theater, children’s playroom, fitness center and golf simulator.

“Given the class-A nature of the asset and the tremendous strength and reputation of the sponsorship, lenders competed heavily for this credit opportunity, ultimately allowing Meridian to negotiate highly favorable terms from a balance sheet lender,” said Shelby.

Founded in 1991, Meridian Capital Group is America’s most active debt broker and one of the nation’s leading commercial real estate finance advisory firms. In 2015, Meridian closed over 3,900 loans totaling more than $35 billion in transaction volume with 210 unique lenders, equating to $135 million per business day. Since inception, the company has closed more than $240 billion in financing with the full complement of capital providers, encompassing local, regional and national banks, CMBS lenders, agency lenders, mortgage REITs, life insurance companies, credit unions and private equity funds. Meridian arranges financing for many of the world’s leading real estate investors and developers and the company’s expansive platform has specialized practices for a broad array of property types including office, retail, multifamily, hotel, mixed-use, industrial, healthcare, student housing and self-storage properties. Meridian is headquartered in New York City with offices in New Jersey, Maryland, Illinois, Florida and California.