Meridian Capital Group, LLC has closed on a permanent financing for $50 million for the recently constructed luxury multifamily building Harrison Station, at 300 Somerset Street in Harrison, N.J.
Beech Street Capital provided a 10-year Freddie Mac loan with a a rate of 3.69 percent to the developer Harrison Building 1 Urban Renewal LLC, a joint venture between Ironstate Holdings and The Pegasus Group, as GlobeSt.com first reported.
Harrison Station is a four-story complex, composed of 275 luxury apartments and seven retail spaces along Frank E. Rogers Boulevard. It also features a fitness center, outdoor pool and sundeck, beach volleyball court and a residents lounge.
“Harrison Station is a stunning new development which recently completed stabilization. We were able to work with the borrower to procure timely financing which took full advantage of the strong lease up velocity,” said in a prepared statement Meridian finance advisor, David Cohen, who negotiated this transaction with Russ Drebin. “Furthermore, the recent dip in treasury yields created an opportunity to secure low-cost, long-term debt at exactly the same time the property began showing its full potential,” Mr. Cohen added.