Meridia Metro, State and Warren Streets, Hackensack, NJ

HACKENSACK, NJ—Holliday Fenoglio Fowler secured $49.6 million in financing for Meridia Metro, a six-story, 222-unit multi-housing property in Hackensack, NJ.

The HFF debt placement team, led by senior managing director Jon Mikula and managing director Michael Klein, worked exclusively on behalf of the borrower, Capodagli Property Company, to place the long-term, fixed-rate loan through MetLife Real Estate. Capodagli specializes in transformational multifamily and mixed-use real estate projects, and focuses on development of affordable luxury properties in urban and suburban areas throughout New Jersey and New York.

“The borrower was seeking a way to take advantage of today's historically low interest rates and avoid the contingent liabilities associated with the in-place construction loan while still in lease-up,” Klein says. “MetLife was able to lock the rate on a 15-year term at application, providing a structure that best met the borrower's needs.”

Meridia Metro is situated at the intersection of State and Warren Streets proximate to Routes 4 and 17 and Interstate 80. The transit-oriented property provides access into New York City and other nearby employment hubs through its proximity to two New Jersey Transit train stations (Essex Street and Anderson Street), transit bus service and Newark Liberty International Airport. Completed in 2016, Meridia Metro features a mix of one- and two-bedroom units with amenities such as stainless steel appliances, granite countertops, hardwood floors and walk-in closets. Community amenities include a 24-hour fitness center; rooftop terrace with cabana bar and fire pit; social room with poker and pool tables; pet grooming room; and grade-level parking garage.

“HFF has been involved in several of these types of transactions of late,” Mikula says. “Many of our clients are looking to secure debt for a long-term hold or generation play and life companies are best equipped to handle this type of execution.”

HACKENSACK, NJ—Holliday Fenoglio Fowler secured $49.6 million in financing for Meridia Metro, a six-story, 222-unit multi-housing property in Hackensack, NJ.

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