Squiretown Properties Lands $50M Loan for NJ Multifamily Property
Greystone has provided a 10-year Freddie Mac refinance for ParkVue at Livingston, a five-building multifamily property in Livingston, N.J., Commercial Observer has learned.
Meridian Capital Group negotiated the 10-year debt, which has a rate of 2.94 percent and features five years of interest-only payments. Meridian’s David Cohen, Abe Schonfeld and Mordy Schwartz led the deal.
“Despite the market’s growing concerns with the ongoing pandemic, we worked tirelessly to secure the best financing for our client and Meridian, locking-in application proceeds at a sub- 3 percent rate,” Dan Sacks, a managing director at Greystone, told CO.
The property, at 211 Eisenhower Parkway, comprises 220 one- and two-bedroom residences, many of which have patios and balconies. Community amenities include a heated swimming pool, a private clubhouse, a fitness center and sports court and secure underground parking.
“Despite the challenges presented by COVID-19, Meridian was able to negotiate favorable terms for our client including a historically low rate and no debt service reserves, ensuring the ongoing success of this stunning property, which also maintained 100 percent rent collections over the last few months,” Meridian’s Israel Schubert said in prepared remarks..
Roseland, N.J.-based Squiretown Properties broke ground on the 21-acre property in October 2015, and on the fifth building in May 2018.