Signature Supplies $115M Acquisition Loan on NJ Apartment Asset
Cammeby’s International has nabbed $115.3 million of acquisition financing to purchase a multifamily property in Piscataway, N.J., near Rutgers University, Commercial Observer has learned.
Signature Bank provided the five-year loan, which features three years of interest-only payments, for Cammeby’s acquired 550-unit Royal Gardens Apartments development. The deal was spearheaded by Joseph Fingerman, a managing group director and senior vice president at Signature, along with Paul Kotronis, a group director and vice president.
“Cammeby’s International has earned a reputation as a leading national multifamily operator,” Fingerman said in a statement. “This transaction afforded the bank the opportunity to work with them to support the ever-growing New Jersey multifamily market.”
Meridian Capital Group’s Abe Hirsch, Zev Karpel and Sean Anderson negotiated the transaction.
Located 3060 New Brunswick Avenue, the 23-building, property is situated on 36 acres four miles from the Rutgers campus. Its amenities include resort-style pool, sun deck, fitness center, courtyards, children’s playground, vehicle garages, laundry centers and 24/7 on-site maintenance.
“Meridian is proud to have represented Cammeby’s International in arranging this accretive and flexible acquisition loan and are confident that Royal Gardens Apartments will continue to flourish under their management,” Hirsch said in a statement.
Representatives for Cammeby’s did not immediately return a request for comment.
Signature’s acquisition loan to Cammeby’s came on the heels of the bank providing The Durst Organization with a $127.5 million debt package last month to refinance a newly constructed multifamily complex at 10 Halletts Point in Astoria, Queens.
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