Financing Secured for Meridia Brownstones Phase II At 1999 Elizabeth Avenue In Rahway, New Jersey

Construction financing has closed for 1999 Elizabeth Avenue, a five-story residential building in Rahway, New Jersey. Designed by Netta Architects and developed by Capodagli Property Company, the structure will span 168,500 square feet and yield 200 rental units in a mix of one- and two-bedroom layouts. The project will also include 2,000 square feet of ground-floor retail space and a two-level, 493-vehicle parking garage.

Meridia Brownstones, via Google Maps.

SCALE Lending, the debt financing arm of Slate Property Group, provided the $67.5 million floating-rate loan, which runs for 30 months with two six-month extension options. The proceeds will retire an existing senior loan on the property and fund completion of the ground-up development. The deal was sourced through a direct relationship with the borrower. Meridia Construction Management, a Capodagli affiliate, will serve as general contractor.

1999 Elizabeth Avenue, via Google Maps.

Plans presented to the Rahway Redevelopment Agency call for a U-shaped ground floor, with two residential wings running parallel to Elizabeth Avenue above the parking levels. Floors three through five hold the majority of the residential inventory, and eight second-floor units along Elizabeth Avenue will have walk-up entrances from the street. A single courtyard will contain the amenity space. Six units will be reserved for affordable housing under a 30-year PILOT agreement with the City of Rahway.

Amenities will include a fitness center, a yoga room, an indoor-outdoor pool with an outdoor deck, a multipurpose lounge, a coworking space, dog wash, bike storage, and a basketball court.

Meridia Brownstones Phase II’s anticipated completion date is slated for November 2028, according to the lender’s announcement.

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