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Meridian Capital arranges $258M in financing for Lakewood company

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Harbor Station South in Bayonne.
Harbor Station South in Bayonne. - ()

Accurate Builders & Developers of Lakewood has received $258 million in acquisition and construction financing for multifamily properties in Bayonne, Raritan and Linden.

The funding, provided by Manhattan-based Madison Realty, was announced Monday by Meridian Capital Group.

Meridian Senior Managing Director Shaya Ackerman and Senior Vice President Shaya Sonnenschein, both of the company’s New York office, negotiated the funds.

“Ultimately, we advised the client to move forward with Madison as they were able to provide a very attractive staged funding and the flexibility required during construction, which is incredibly important with three properties under development at once,” Ackerman said in a prepared statement.

In Bayonne, Harbor Station South will consist of 651 studio, one- and two-bedroom apartments across two buildings. The Crossroads at Raritan will boast 276 studio, one- and two-bedroom units — including 20 affordable apartments.

The number of units was not disclosed for the Linden property; however, Accurate Builders plans for the development to feature a rooftop deck and pool.

Meridian has a New Jersey office in Iselin and is headquartered in New York City. The firm also has office locations in Maryland, Illinois, Ohio, Florida and California.

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Jessica Perry

Jessica Perry


Jessica is the Web Editor for NJBIZ. You can reach her at jperry@njbiz.com.

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