Jones Lang LaSalle

Kaplan Wins $37M Financing for Federal Hill
By Eric Peterson
Last updated: March 20, 2006 10:13am
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PERTH AMBOY, NJ-Kaplan Cos. has obtained financing amounting to $37 million for its Federal Hill redevelopment project here. The Highland Park-based company’s project consists of 153 units, including 33 townhomes and 120 condos in three- and four-story buildings.

The funding was arranged for Kaplan by Shimon Weiner and Abe Katz of Meridian Capital Group of New York City. The pair negotiated a floating rate with a spread of 200 to 160 over Libor over a three-year term.

In a separate transaction, Meridian’s Marc Kassai secured financing for two properties in Newark on behalf of an undisclosed owner. The two elevator buildings were purchased for $4.2 million, or 80% loan-to-value. The loan carries a rate of 5.64% over a 15-year term. The buildings at 691 Elizabeth Ave. and 15 Goldsmith Ave. contain a total of 92 units.