Schonfeld of Meridian negotiates $20 million, 10-year loan for Norman Towers

Meridian Capital Group, LLC has negotiated $20 million in permanent financing for the Norman Towers high-rise multifamily property. The 10-year Freddie Mac loan features a competitive fixed-rate of 3.45% and features two years of interest-only payments. The financing was provided by Beech Street Capital through its correspondent relationship with Meridian. The 16-story property is located at 500 Parkway Dr. and totals 405 units and one retail space. Norman Towers is one of the premier senior housing establishments in the area and overlooks the Garden State Pwy. Meridian Capital Group vice president, Abe Schonfeld, based in the company's Iselin office, negotiated this transaction. "The seasoned ownership and management teams made this a great fit for Beech Street Capital. By leveraging our strong relationship with Freddie Mac we were able to partially wave the existing Freddie Mac prepayment penalty," said Schonfeld. "Beech Street's industry leading team also contributed significantly to seamlessly bringing together the mechanics of this refinancing providing the borrower with a smooth closing."