JERSEY CITY, NJ—Meridian Capital Group negotiated $165 million in permanent financing for The One, a luxury multifamily property in Jersey City, NJ on behalf of BLDG and Ares Management.

The seven-year loan, provided by a life insurance company that was not identified, features a competitive interest rate of 3.55 percent and two years of interest-only payments, followed by a 30-year amortization schedule. The transaction was negotiated by Meridian Capital Group executive vice president Aaron Birnbaum, managing director Carol Shelby, and vice president Dani Sabesan, all based in Meridan's New York City headquarters.

Completed in 2015, The One is a 35-story, 439-unit luxury multifamily property located at 110 First Street in the Powerhouse Arts District of downtown Jersey City, NJ. The building is near the Holland Tunnel and PATH, providing residents with easy access to both Manhattan and Newark. Outdoor amenities include a landscaped rooftop with a swimming pool, lounge, barbeque and fire pits. The adjacent rooftop Sky Lounge offers a full catering kitchen for entertaining. In addition, residents also may make use of the property's business center, gaming lounge, movie theater, children's playroom, fitness center and golf simulator.

“Given the class-A nature of the asset and the tremendous strength and reputation of the sponsorship, lenders competed heavily for this credit opportunity, ultimately allowing Meridian to negotiate highly favorable terms from a balance sheet lender,” says Shelby.

Instant Insights /

Meridian Arranges $165M Financing for 'The One,' Luxury JC Multifamily

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