ISELIN, NJ-The local office of New York-based Meridian Capital Group has arranged financing for two apartment complexes in New Jersey. In the larger of the two fundings, $7 million was secured for River Place at Wharton in Wharton. The 67-unit apartment complex is located at 154 W. Dewey Ave. in North Jersey's Morris County.
The borrower in the Wharton deal was Andover Capital Corp., and the package was arranged by Meridian's Russ Drebin with a rate of 6%. The source of the financing was not disclosed.
The second financing involves Spruce Manor Apartments, a 120-unit multifamily property located at 59 E. Browning St. in the South Jersey community of Bellmawr. Meridian's Abe Schonfeld and Josh Friedman secured the $4.55-million package with a rate of 6.1% for the borrower, Spruce Manor Enterprises.
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