Meridian arranges $46M in financing for Raritan multifamily community

Meridian Capital Group announced Monday it has arranged $46 million in financing for a multifamily community in Raritan.

The five-year loan was provided to Castle Lanterra Properties.

Barry Lefkowitz, senior vice president who is based at Meridian’s Iselin office, negotiated the financing for the deal.

“Meridian initiated the loan for the refinance when rates were beginning to rapidly increase, and as a result of Meridian’s substantial and ongoing relationship with lenders, we were able to lock n a 3.75 percent interest rate, a phenomenal rate in today’s environment,” Lefkowitz said.

The Class A, four-story community, The Lena by Castle Lanterra Properties, is located at 100 River Park Drive. It has a business center, underground parking, basketball and tennis courts, a heated swimming pool, 24-hour maintenance, a fitness center and more.

“This property is a trophy asset in central New Jersey with a sterling sponsor,” said Israel Schubert, senior managing director of Meridians New Jersey office. “Meridian’s team worked closely with the sponsor and the lender to customize a deal that surpassed the client’s expectations.”