EDGEWATER, NJ—Meridian Capital Group  arranged $33.2 million in financing for the recent joint venture purchase of the newly built Infinity Apartments here.

Clal US, a subsidiary of Clal Insurance of Israel, bought the 100-unit building for $48 million with Chicago-based Waterton Associates as its financial partner.

The deal for 340-342 Old River Road, marking Clal's entrance into the US multifamily market, was first reported by Globest.com last week in an exclusive report.

The five-year loan was provided by a national balance sheet lender and features what Meridian Capital terms as a competitive LIBOR-based floating rate and interest-only payments for the full term. The transaction was negotiated by Meridian Capital Group Vice President Jacob Schmuckler, Managing Director Abe Hirsch and Senior Vice President Zev Karpel, who are all based at the company's New York City headquarters.

Waterton Associates, L.L.C. purchased the property on behalf of its closed end, value-add fund and in conjunction with Clal US, a 49% co-investment partner. Waterton Residential, Waterton's property management division, will oversee the initial lease up and manage the property.

Infinity Apartments offers a business center, resident meeting room and fitness center, including locker rooms, a sauna and a steam room. The property also has more than 5,500 square feet of retail space, a parking garage and two public parking lots.

“Waterton sought to close the acquisition loan commensurate with the completion of Infinity Apartments construction. In order to obtain permanent financing prior to lease-up, Meridian leveraged its significant relationship with the lender to tailor a flexible financing structure that accommodates this business plan,” Meridian's Schmuckler says. “Given the outstanding location of the property and the strength and experience of the sponsorship, we were able to negotiate and close the loan on an expedited 45-day timeframe.”