Connect One Bank Lends $26M on NJ Multifamily Property
Meridian Capital Group has arranged a $25.9 million loan on behalf of investors Gabriel Alexander and Berel Karniol to finance an investment in the existing entity that owns The Vue multifamily property in Hackensack, N.J., Commercial Observer can first report.
Connect One Bank provided the debt, according to sources familiar with the transaction. The seven-year loan has a fixed-rate of 3.88 percent.
The Vue is a seven-story, 78-unit newly constructed multifamily property located at 295 Polify Road in Hackensack, N.J. The property’s amenities include a lounge, a fitness center, a community deck and a fire pit. The building was 65 percent occupied at the time of the transaction’s closing.
“A property at this stage of development with so much potential is hard to come by,” Ackerman said in prepared remarks. “The client recognized the intrinsic value of this location and submarket, which helped Meridian arrange financing that meets the investment criteria in a timeframe that was amenable to all parties.”
Officials at Connect One could not immediately be reached for comment.