HOBOKEN-Meridian Capital Group has arranged a $33 million refinancing of Hudson Square South, the luxury apartment community located here, GlobeSt.com has learned exclusively.
The fixed-rate, 4.7% loan to building owner Applied Development Co. was provided by a local savings bank. The term is seven years, with a five-year extension option, and flexible pre-payment terms. Applied Development developed the property in 1992.
“By highlighting the strength of the borrower and the high-quality of the property to the bank, Meridian was able to obtain highly favorable financing for Applied Development Company,” says Israel Schubert, managing director at Meridian’s New Jersey office.
The 150-unit building is located in downtown Hoboken on the Hudson Riverfront, and offers luxury amenities. Rents on the apartments range from $2,050 to $4,000 monthly. Mortgage finance advisors David Cohen and Russ Drebin of Meridian’s Iselin office negotiated the financing.
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