10A — June 9 - 22, 2017 — Creative Financing — Financial Digest — M id A tlantic

Real Estate Journal


C reative F inancing

Barry Lefkovitz, Charles Nussbaum and Josh Munk handle financing Creative financing solution: Meridian arranged $11.1m in financing for the Alexander Hamilton Plaza


transaction was that the prop- erty is the only office tower in Paterson, in a market that is slowly beginning to pick up. The property was 97% occu- pied, but the market vacancy was 15%. The property has an appropriation clause and the primary tenant is the State of NJ. If the government discon- tinues the funding, any tenant has the right to vacate at any point, which was a concern to lenders. As part of the solution, Me- ridian focused on highlighting the property’s high occupancy, versus the market vacancy.

Additionally, the building is situated in the heart of Paterson’s Central Business District, directly across from the NJ Transit’s main line to Hoboken and is adjacent to the Robert Roe Federal Building, the Passaic County Court- house, and the County Ad- ministration building, which makes this asset very attrac- tive. “Ultimately, because of its location and high occupancy, we were able to demonstrate Alexander Hamilton Plaza as a unique business opportunity and negotiated a 10-year loan, featuring a fixed rate and the

lexander Hamilton Plaza, located at 100 Hamilton Plaza in Pa-

Meridian Capital Group’s Treitel & Helmreich arrange $18m in balance sheet financing $11.1 million in proceeds re- flect a 75% loan-to-value ratio,” said Meridian Capital Group managing director, Barry Lefkowitz . Meridian’s VP, Charles Nussbaum , and VP, Josh Munk assisted in the transaction. n

terson, NJ, is a high-rise class A office tower. The property features a full-service fitness center club, a reception desk with security guard and a gourmet cafeteria, and offers panoramic views of the city from the 12th floor. The com- mercial office tower houses a variety of tenants, including state and legal agencies, and medical and financial profes- sionals. The challenge that Merid- ian was facing during this

100 Hamilton Plaza


Carriage Club Apartments

Arlington, NJ — Merid- ian Capital Group arranged $18 million in balance sheet financing for the purchase of the Carriage Club Apartments multifamily property, located in Mount Arlington. The seven-year loan, provid- ed by a regional balance sheet lender, features a fixed rate of 3.50%. This transaction was negotiated by Meridian senior vice president, Elliot Treitel and senior underwriter, Ste- ven Helmreich , who are both based in the company’s Iselin office. Carriage Club Apartments, located at One Hillside Drive in Mount Arlington, NJ, is a three- story, 106-unit garden-style apartment complex, nestled in a quaint west end community. “The sale was predicated on our client assuming the existing agency financing,” said Treitel. “Despite this condition, Merid- ian negotiated more accretive and flexible acquisition financ- ing from a local savings bank and worked with the client to use the new financing to pay off the in-place agency financing," he added. In Caldwell, Meridian Capi- tal Group arranged $15.3 mil- lion in balance sheet financing for the purchase of the Marian Manor senior housing property located in Caldwell. The 10-year loan, provided by a balance sheet lender, fea- tures a fixed-rate of 4.45%. This transaction was negotiated by Meridian vice presidents, Jay Jacobovitch and JoshMunk , who are both based in the com- pany’s Iselin office. n

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