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Meridian inks $27.5 million loan for 117-unit rental project in Somerville

Posted On 2/27/2019

By Joshua Burd

The developer of a newly built, 117-unit apartment building in Somerville has refinanced for $27.5 million, under a newly announced transaction by Meridian Capital Group.

The capital markets firm said it represented Weiss Properties, which built The Cobalt at 70 Veterans Memorial Drive East, in sourcing the loan. Completed in 2017, the four-story luxury property includes a mix of studio, one-bedroom and two-bedroom layouts within the borough’s burgeoning downtown and is a short walk from NJ Transit rail service.

Meridian Senior Managing Director Shaya Ackerman and Senior Vice President Shaya Sonnenschein, who are both based in the firm’s New York City headquarters, negotiated the loan.

“This was a great deal with a great client,” Ackerman said. “Weiss Properties did a fantastic job designing and constructing these luxury apartments, and the Class A appeal was very attractive to lenders.”

Designed by Minno & Wasko Architects and Builders, The Cobalt offers units with high-end interiors and amenities such as a fitness center, a residents’ lounge with a billiards table and a parking garage.

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