CHERRY HILL, NJ—Meridian Capital Group arranged a $31-million mortgage refinance for the Dwell Cherry Hill Apartments property here for The Klein Company of Philadelphia.
The loan, provided by a regional balance sheet lender, has a fixed-rate of 3.5% and a seven-year term with a five-year option. Meridian's David Cohen and Max Beyderman, both based in the company's Iselin office, negotiated the financing for the 233-unit property at 1982 Marlton Pike East.
The property is a new LEED-certified development that came on-line at a particularly opportune moment, say the Meridian exectuives.
“We were able to work with the stellar team at The Klein Company to procure timely financing that fully accounts for the strong lease-up velocity,” says Beyderman.
Cohen adds that the firm capitalized on a dip in U.S. Treasuries to secure “very efficiently priced long-term debt right when the property began exhibiting its full potential.”
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