Meridian Capital Group arranged a $47.9 million refinance for a portfolio of multifamily properties in Bayonne, New Jersey. The five-year loan includes 24 months of interest-only payments and a five-year extension option provided by a balance sheet lender.
The portfolio consists of over 20 assets, including 385 multifamily units and nine commercial units scattered throughout Bayonne. A team led by Judah Hammer and Daniel Neiss from Meridian Capital Group negotiated the financing with the lender to secure favorable terms for their client despite current market conditions that make underwriting more challenging due to lenders avoiding rate locking loans at application in order to mitigate their interest rate risk.
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