Somerville luxury apartment property gets financing

A New York-based real estate financing firm arranged $27.5 million in financing for a Somerville multifamily property, it announced this week.

The Cobalt, a luxury residential building with 117 apartments at 70 Veterans Memorial Drive E., was developed by New Brunswick-based Weiss Properties and completed in 2017. Meridian Capital Group, which also has offices in New Jersey, arranged the 12-year loan for the property owner.

The loan was negotiated by Shaya Ackerman, senior managing director; and Shaya Sonnenschein, senior vice president.

“This was a great deal with a great client,” Ackerman said in a prepared statement. “Weiss Properties did a fantastic job designing and constructing these luxury apartments, and the Class A appeal was very attractive to lenders.”