April 4, 2016
Meridian Capital Group, working on behalf of BLDG and Ares Management LP, has arranged $165 million in permanent financing for The One, a multifamily property at 110 First St. in Jersey City, NJ. The recently completed 35-story asset has 439 apartment units, a landscaped rooftop, and a swimming pool among its amenities.
BLDG and Ares developed the project in conjunction with Urban Development Partners. The tower also includes 10 affordable units.
Cornerstone Insurance & Financial Services provided the borrowers with the seven-year financing. The loan features a 3.5% interest rate and two years of interest-only payments, followed by a 30-year amortization schedule. Aaron Birnbaum, Carol Shelby and Dani Sabesan of Meridian Capital negotiated the financing.