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Meridian Capital Group announced it has negotiated $40.9 million in financing for a series of multifamily properties in New Jersey and Pennsylvania.
Meridian, a commercial real estate finance and advisory firm, placed a $6.8 million mortgage on a 206-unit multifamily building in East Orange. The loan features a 4.5 percent rate with a five-year term.
A new mortgage of $6.2 million was placed on two manufactured housing communities in Hazlet, containing 192 units, with a 3.9 percent rate and a five-year term.
In Pennsylvania, Meridian placed a new $24.5 million mortgage on a four-property, 396-unit garden apartment complex in Reading. The loan features a 5 percent rate and a seven-year term. In Germantown, Meridian negotiated a $3.3 million mortgage on a 72-unit multifamily building, with a 3.57 percent loan and a five-year term.
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