NORTH PLAINFIELD, NJ–Meridian Capital Group arranged $52.8 million in acquisition financing for the purchase of the Greenbrook Gardens multifamily property in North Plainfield, NJ, on behalf of SDK Apartments.

The $52.8 million loan, provided by a regional balance sheet lender, features a competitive fixed-rate of 3.5 percent, two years of interest-only payments and a seven-year term with a five-year option. The transaction was negotiated by Meridian vice president Judah Hammer and managing director Zev Karpel, who are both based in Meridian's New York headquarters.

Greenbrook Gardens, a 35-building, 407-unit multifamily community, is located at 1275 Rock Avenue in North Plainfield. The property features a swimming pool, tennis court and on-site laundry facilities. Residents also enjoy balconies or patios and hardwood flooring in their units as well as quick access to Route 22, Interstate 287 and Interstate 78. Greenbrook Gardens is close to nearby shopping centers, the Washington Rock Park and the Watchung Reservation.

“In such a rapidly moving interest rate environment, Meridian was able to capitalize on our relationship with the lender and a drop in treasuries to lock this seven-year loan at the bottom of the market and then hold the rate until the acquisition closed,” says Hammer.

Says Karpel, “Additionally, we achieved a loan-to-cost above 75 percent with a regional balance sheet lender based on the strength of the sponsor and equity going in.”