Meridian Capital Group announced it has arranged $258 million in acquisition and construction financing for three multifamily developments in New Jersey on behalf of Jack Klugmann and Accurate Builders & Developers.
“As we expand deeper into New Jersey, it was important to find a lender who truly understands our growth goals and could fully support these developments,” Klugmann said. “Meridian did an excellent job of sourcing a variety of financing options and then facilitating a smooth closing with the team at Madison.”
The financing package for the developments in Bayonne, Linden and Raritan was provided by Madison Realty Capital and was negotiated by Shaya Ackerman, Meridian senior managing director, and Shaya Sonnenschein, senior vice president.
“We are excited and proud to work with the Accurate team as they expand into these exciting New Jersey markets by constructing fully-amenitized multifamily rental products that will set the standard for other developments in the area,” Ackerman said.
Harbor Station South, the Bayonne property, is located at Godsborough Drive and Port Terminal Boulevard. It will have 651 studio, one- and two-bedroom units throughout two buildings. It will have amenities such as a concierge service and rooftop pool. It will be within close access to New Jersey Transit’s 34th Street Station and the new ferry.
The Crossroads at Raritan, the Raritan property, is located on a block bordered by First Avenue, Third Street and Second Avenue. It will have 276 units with 20 affordable housing apartments, ranging in size from studio to two-bedrooms. Amenities will include a bike-sharing program, yoga studio and community room. It is located within close access to the Raritan Train Station.
The third property in Linden will have amenities such as a rooftop deck and pool. It will be located near the Linden Train Station and the Linden Airport.
“Ultimately, we advised the client to move forward with Madison as they were able to provide a very attractive staged funding, and the flexibility required during construction, which is incredibly important with three properties under development at once. This is a testament to Madison’s experience both as a lender and developer,” Ackerman said.