The golden age of Camelot isn’t dead; it just moved to the banks of the Delaware. Kaplan Cos' newly constructed Camelot at Cinnaminson Harbour, a multifamily community in South Jersey, received $40M in permanent financing arranged by Meridian Capital Group. The five-year loan was negotiated by VP Josh Munk out of Meridian’s Iselin office. The project features 405 luxury units with an outdoor swimming pool, fitness center, and business center as well as access to hiking trails along the river.
Josh says the financing allows the developers to bypass the “90/90 test,” in which a property must have 90% occupancy for 90 days. "It provides them with the ability to tap their equity quickly and invest in new projects,” he says. Inside the city, Meridian also arranged over $18M for the refi of the 77-unit Walnut Place loft-apartment building. The historic Society Hill property is under renovation by PMC Property Group after a period of vacancy. The loan, arranged by SVP David Fisher (out of Iselin), was also secured without the 90/90 requirement, owing to Meridian's strong relationship with the lender. (Our 90/90 requirement is that radio stations play 90% bands from the '90s.)
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