Meridian Capital Group negotiated a $66 million loan for the purchase of the St. Moritz Apartments, a multifamily property in Edgewater, N.J., Mortgage Observer has first learned.
The borrower was a fund managed by Cornerstone Real Estate Advisers, the Hartford, Conn.-based subsidiary of Massachusetts Mutual Life Insurance Company.
The seven-year loan, provided by the New York State Teachers’ Retirement System, features interest-only payments for the full term at a rate of 3.48 percent, a representative for the retirement fund confirmed.
The St. Moritz Apartments is a 26-story, 224-unit building at 100 Daibes Court in Edgewater. The property, built in 2005, has a pool, a spa with steam rooms and a gym.
A Meridian team of Abe Hirsch, Zev Karpel and Jacob Schmuckler negotiated the deal.
“Meridian generated competition among numerous lenders in order to provide the client with the most competitive financing terms with a low rate and interest-only payments,” Mr. Hirsch said in a statement provided exclusively to Mortgage Observer. “We have had a long-standing history with the borrower … and this deal further solidified the relationship,” he added.