CINNAMINSON, NJ-The owner of the recently completed Camelot at Cinnaminson Harbour luxury multifamily project here has secured $40 million in permanent financing.

The deal was announced by commercial real estate finance and advisory firm Meridian Capital Group LLC, which negotiated the five-year loan for the unnamed property owner. Meridian officials say the financing is set at a fixed rate of 3.64% and a 30-year amortization period. The transaction was negotiated by Meridian Capital Group Vice President Josh Munk, who is based in the firm's Iselin, NJ office.

Camelot is a recently constructed 405-unit waterfront luxury multifamily complex. The property is part of the master planned community Villages at Cinnaminson Harbour, located just outside of Philadelphia, as well as Trenton and Cherry Hill, NJ. The community's amenities include an outdoor pool, fitness center and business center as well as access to hiking trails along the Delaware River.

“When we began working on the financing for this property it was 55% occupied. Meridian leveraged its long-standing lender relationships and market knowledge to obtain 75% loan-to-value terms for our client based on a stabilized occupancy proforma,”states Munk. “This financing structure is extremely desirable for developers because they can forgo waiting for the property to lease up to 90% occupancy for 90 days; it provides them with the ability to tap their equity quickly and invest in new projects.”