RARITAN, NJ — Meridian Capital Group arranged $46 million in financing to refinance a multifamily community in Raritan, NJ on behalf of Castle Lanterra Properties.
The five-year loan, provided by a balance sheet lender, features a rate of 3.75% and one year of interest-only payments followed by a 30-year amortization schedule. Meridian senior vice president, Barry Lefkowitz, who is based in the company’s Iselin office, negotiated the financing for this transaction.
“Meridian initiated the loan for the refinance when rates were beginning to rapidly increase, and as a result of Meridian’s substantial and ongoing relationship with lenders, we were able to lock in a 3.75% interest rate, a phenomenal rate in today’s environment,” said Lefkowitz. Located at 100 River Park Dr., the River Park at Raritan, which has since been rebranded to The Lena by Castle Lanterra Properties, is a four-story, class A, community comprised of 224 one- to three-bedroom luxury units. The property underwent extensive renovations in 2016.