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Meridian Capital Group Arranges $50M in Financing for the Harrison Station Multifamily Property

NEW JERSEY—Meridian Capital Group L.L.C. negotiated $49.95 million in permanent financing for the Harrison Station multifamily building located in Harrison, N.J. on behalf of Harrison Building 1 Urban Renewal L.L.C., a joint venture between Ironstate Holdings and The Pegasus Group.

The 10-year Freddie Mac loan was provided by Beech Street Capital through its correspondent relationship with Meridian. Meridian finance advisors, David Cohen and Russ Drebin, both based in Meridian’s Iselin, N.J. office, negotiated the transaction.

Located at 300 Somerset Street in Harrison, the four-story multifamily complex is composed of 275 apartments as well as seven retail spaces along Frank E. Rogers Boulevard. The property is located next to the Harrison PATH station.

Amenities available to the residents of Harrison Station include fitness center, outdoor pool with sundeck, beach volleyball court and a resident’s lounge.

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