Hackensack's Meridia Metro Snags $50M In Financing
HFF senior managing director Jon Mikula and managing director Michael Klein placed the 15-year, fixed-rate loan on behalf of borrower Capodagli Property Co., which sought to take advantage of historically low interest rates and avoid contingent liabilities associated with an in-place construction loan.
Meridia Metro, at the intersection of State and Warren streets, is a transit-oriented development near New Jersey Transit's Essex Street and Anderson Street train stations. It also provides access to Routes 4 and 17 and Interstate 80.
Completed last year, the property features one- and two-bedroom units and amenities including a 24-hour fitness center, a rooftop terrace with cabana bar and fire pit, a social room with poker and pool tables, a pet grooming room and grade-level parking.
Earlier this month, HFF managing director Scott Aiese and senior managing director Mike Tepedino also secured a $100M refinancing for Tonnelle Commons, a 410K SF, Class-A retail power center in North Bergen. The 10-year, non-recourse, fixed-rate loan was placed on behalf of borrower Urban Edge Properties.
The eight-year-old retail center is fully leased to 16 tenants and anchored by Walmart, BJ's Wholesale Club, PetSmart and Staples.