Meridian's Munk arranges $40 million for Camelot at Cinnaminson Harbour

Meridian Capital Group, LLC, one of the leading national commercial real estate finance and advisory firms, negotiated $40 million in permanent financing for Camelot at Cinnaminson Harbour, a 405-unit waterfront multifamily complex. The five-year loan features a competitive fixed-rate of 3.64% and a 30-year amortization period. This transaction was negotiated by Meridian vice president, Josh Munk, who is based in the company's Iselin, N.J. office. Camelot is part of the master planned community Villages at Cinnaminson Harbour. The community features state-of-the-art amenities including an outdoor pool, fitness center and business center as well as access to scenic hiking trails along the Delaware River. "When we began working on the financing for this property it was 55% occupied. Meridian leveraged its long-standing lender relationships and market knowledge to obtain 75% loan-to-value terms for our client based on a stabilized occupancy proforma," said Munk. "This financing structure is extremely desirable for developers because they can forgo waiting for the property to lease up to 90% occupancy for 90 days; it provides them with the ability to tap their equity quickly and invest in new projects," he added.