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| Meridia Metro Apartments, Hackensack, NJ |
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| Jon Mikula |
FLORHAM PARK, NJ ––
Holliday Fenoglio Fowler, L.P. (HFF) announced it has secured $49.6 million in
financing for Meridia Metro, a
six-story, 222-unit multi-housing property in Hackensack, New Jersey.
HFF worked exclusively on
behalf of the borrower, Capodagli Property Company, to place the long-term,
fixed-rate loan through MetLife Real Estate.
Meridia Metro is situated
at the intersection of State and Warren Streets proximate to Routes 4 and 17
and Interstate 80. The transit-oriented
property provides access into New York City and other nearby employment hubs
through its proximity to two New Jersey Transit train stations (Essex Street
and Anderson Street), transit bus service and Newark Liberty International
Airport.
Completed in 2016, Meridia
Metro features a mix of one- and two-bedroom units with amenities such as
stainless steel appliances, granite countertops, hardwood floors and walk-in
closets.
Community amenities
include a 24-hour fitness center; rooftop terrace with cabana bar and fire pit;
social room with poker and pool tables; pet grooming room; and grade-level
parking garage.
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| Michael Klein |
The HFF debt placement
team representing the borrower was led by senior managing director Jon Mikula and managing director Michael Klein.
“The borrower was seeking
a way to take advantage of today’s historically low interest rates and avoid
the contingent liabilities associated with the in-place construction loan while
still in lease up,” Klein stated.
“MetLife was able to lock the rate on a 15-year term at application,
providing a structure that best met the borrower’s needs.”
“HFF has been involved in several of these
types of transactions of late,” Mikula added.
“Many of our clients are looking to secure debt for a long-term hold or
generation play and life companies are best equipped to handle this type of
execution.”
For a
complete copy of the company’s news release, please contact:
Olivia Hennessey
Public Relations
Specialist
HFF | 9 Greenway Plaza,
Suite 700 | Houston, Texas 77046
tel 713.852.3403 | fax
713.527.8725 | www.hfflp.com
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