The developer of a 450-unit luxury apartment property in Willingboro has landed more than $21 million in financing, in a transaction arranged by Meridian Capital Group.
Brokers with the firm represented the borrower, Weiss Properties, in sourcing the $21.3 million loan for the complex known as The Avery. The developer will use the 12-year agency loan, which features seven years of interest-only payments, to refinance the property at 10 Lincoln Square.
Meridian Senior Managing Director Shaya Ackerman and Senior Vice President Shaya Sonnenschein negotiated the financing.
“Refinancing a portion of an existing development can be complex,” Ackerman said. “However, the luxury appeal and location of the property made it an attractive asset for lenders.”
Located 10 minutes from the New Jersey Turnpike and Interstate 295, The Avery is home to 450 one-, two- and three-bedroom apartments with luxury appliances and interiors. The community also includes amenities such as a 7,000-square-foot clubhouse, fitness center, resort-style outdoor swimming pool and a home movie theater with a 133-inch projection screen.
“With over 98 percent occupancy, Shaya was able to present us with many good lending options that allowed us to pick the best deal available,” said Robert Weiss, president of Weiss Properties. “His expertise on the financing end allows us to focus on the over 1,000 units in our development pipeline as well as other major commercial projects.”
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