Jeffrey L. Heller, Avison Young, Principal and Managing Director of New Jersey, is announcing the firm’s Debt & Equity Capital Markets Group arranged a construction loan for the Meridia Brownstones, a 172-apartment multifamily property located at 1900 Elizabeth Avenue in Rahway, NJ.
Upon completion, the Meridia Brownstones development will be a 487-unit project and this initial Libor-based construction loan will finance phase one on the project for the borrower, Capodagli Property Company,a top New Jersey based multifamily development firm. The company’s Meridia brand of multifamily communities has over 1,000 rental apartments valued over $500 million throughout the New Jersey region.
George Gnad, Principal, Debt & Equity Capital Markets Group brokered the loan on behalf of the sponsor.
“This is a beautifully designed and well-located multifamily development and we’re pleased to broker a financing solution tohelp Capodagli Property Company with its initial construction of the project,” noted Gnad. “There is strong interest in this neighborhood among residential tenants and a new offering such as this is poised to take advantage of that market demand. Avison Young tapped into its extensive roster of lender contacts to create a customized loan package that allowedthe borrower to proceed with phase one of their long-term development strategy and we look forward to seeing its completion.”
“It was a pleasure to work withGeorge Gnad and the Avison Young team,” adds Ankit Duggal, Executive Vice President with CapodagliProperty Company.“George and his team have a deep connectivity into the debt market which proved to be the difference in securing a construction loan tailored to our requirements.”
Avison Young is the world’s fastest-growing commercial real estate services firm. Headquartered in Toronto, Canada, Avison Young is a collaborative, global firm owned and operated by its principals. Founded in 1978, the company comprises 2,600 real estate professionals in 84 offices, providing value-added, client-centric investment sales, leasing, advisory, management, financing and mortgage placement services to owners and occupiers of office, retail, industrial, multi-family and hospitality properties.
