8B — August 11 - 24, 2017 — Central New Jersey — M id A tlAntic
Real Estate Journal
C entral n ew J ersey
Located in Toms River, NJ Meridian Capital Group arranges $7.8m for the refinance of theClarion+otel ConferenceCenter T
ence Center, located at 815 Rte. 37 West, is a two-story, 100-room hotel, conveniently situated in the heart of Toms River. Hotel amenities include an outdoor pool, an exercise room, an in-house restaurant, and a spacious business and events center. The hotel is a short distance from the Garden State Parkway and guests enjoy close proximity to a variety of attractions, includ- ing the Pine Belt Arena, the Island Beach State Park, Sea- side Heights Boardwalk and Beaches and the Point Pleas- ant Beach and Boardwalk.
“Hotel loans are often fi- nanced via the CMBS mar- ket,” explained Mr. Jackson. “Meridian’s strong lender relationships in this market aided in identifying a local bal- ance sheet lender that valued the ownership’s knowledge and experience and provided a long-term fixed-rate loan at substantially lower pricing than similar CMBS loans in today’s market.” n are doing due diligence for a potential purchaser, they are required to report any imme- diate environmental concern. However, anyone who finds contamination, including a party who is responsible for the site, should report it as well. We don’t need to rewrite the act, we just need to interpret it properly.” Jeff Milanaik , principal/ market officer with Bridge De- velopment Group , noted, “De- velopers get stuck in the middle of the debate of interpretation of the laws. As a buyer, what we need is certainty. We want to have a clear understanding of the ground rules, identify things that need to be addressed and know when we can move forward.” Improving Water Quality and Resource Management Jay Rhatican , assistant gen- eral counsel for +art] Moun- tain Industries , facilitated the second panel discussion, which addressed water resource issues including infrastructure, storm- water management and quality. Michele Putnam , director of the Division of Water Quality at the NJ DEP , discussed New Jersey’s aging infrastructure, particularly in urban areas. “When you are considering a site for redevelopment, you need to provide additional resources to upgrade older pipes, pumps and treatment systems, many of which are over 100 years old.” Putnam’s remarks focused on the state’s stormwater systems, in particular the DEP’s efforts to upgrade the more than 200 Combined Sewer Overlfows (CSO) that carry both water and sewage in municipalities throughout the state. In addi- tion to issuing new permits to tighten regulations to reduce pollution and improve infra- structure, Putnam emphasized continued from page 6B NAIOP NJ Seminar: Regulatory, . . . continued on page 13B
OMS RIvER, NJ — Meridian Capital Group arranged $7.8 million in financing for the refinance of the Clarion Hotel & Conference Center located in Toms River, on behalf of 85 Venture Group. The 10-year loan, provided by a local savings bank, fea- tures a fixed rate of 4.75%. This transaction was negoti- ated by Meridian Managing director, Jim Bologno and senior vice president, Scott Jackson , who are both based in the company’s Iselin office. The Clarion Hotel & Confer-
Clarion Hotel & Conference Center
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