AIG Lends $52 Million on NJ Multifamily Complex
By Cathy Cunningham March 19, 2019 1:11 pm
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BNE Real Estate Group has scored a $52 million loan to refinance the Link at Aberdeen Station, a luxury multifamily property in Aberdeen, N.J., Commercial Observer has learned.
AIG provided the 15-year loan, which features five years of interest-only payments, sources familiar with the transaction said. Officials at AIG declined to comment.
The Link at Aberdeen Station is a luxury multifamily complex that was constructed late in 2018 and is located at 1101 Schindler Drive, next to the New Jersey Transit Aberdeen-Matawan train station. It consists of five, five-story buildings totaling 227 studio- to two-bedroom units.
The permanent financing replaces construction debt on the property and was arranged by Meridian Capital Group’s Marvin Jeremias, who secured the financing while the asset was in the middle of the lease-up process. Officials at Meridian declined to comment on the transaction or the lender’s identity.
Building amenities include a resident lounge, a private conference room, an outdoor swimming pool and electric car charging stations.
Lincoln, N.J.-based family-owned developer BNE celebrated the property’s grand opening on March 10.
“From the moment this project was conceived, we aimed to deliver a luxury rental experience in a commuter-friendly location that is unlike anything else available in the area,” Jonathan Schwartz, a partner at BNE Real Estate Group, told My Central Jersey at the opening. “ We are proud to now introduce that transit-village lifestyle we envisioned to our first renters, all at an attractive value.”
