$19M in financing arranged for Hackensack apartments

Meridian Capital Group has arranged $19 million in financing for a multifamily complex in Hackensack, it announced Thursday.

The seven-year loan, provided by a balance sheet lender at a 3.625 percent rate, covers Summit Gardens, which includes 14 two-story garden-style apartment buildings. The property on Acadia Road has 135 one- and two-bedroom units.

The loan was negotiated by Meridian’s Judah Hammer, vice president, and Zev Karpel, senior vice president.

“Given Meridian’s substantial and ongoing relationship with real estate lenders, we were able to proactively lock the rate for this loan in December, achieving a mid-3 percent rate in a rising interest rate environment, and holding this rate until the closing in May,” Hammer said in a prepared statement.