Meridian Capital Group has successfully arranged $22.8 million in financing for E Residences on Madison, a new development located at 6207 Madison Street in West New York, NJ. The borrower, Echeverria Industries, will benefit from a two-year loan with a floating rate of 3.50% over the 30-day SOFR index and full-term interest-only payments. Meridian’s Paul Gilbert expertly negotiated this financing deal.
E Residences on Madison boasts an array of luxurious amenities such as residential floor lounges, a rooftop fitness center and community center complete with grills for outdoor gatherings. Additionally, the building offers indoor parking equipped with EV charging stations.
According to Gilbert: “Despite the current challenges within the lending landscape, securing this financing is evidence of both our project’s potential and our ability to navigate complex financial waters.” He further adds that “E Residences on Madison promotes sustainable living by enhancing residents’ lives while prioritizing environmental consciousness.”
This successful transaction marks another milestone for Meridian Capital Group in arranging $23 million worth of funding towards NJ’s latest residential development project.
