12A — April 14 - 27, 2017 — Financial Digest — M id A tlantic
Real Estate Journal
F inancial D igest
loomf i eld , NJ — Meridian Capital Group negotiated $24 Gilbert &DePasquale of the Iselin, NJ office negotiate $7.7m in ground-up construction financing Meridian arranges $24 million in financing for the acquisition of the Broadacres Office Park B proposed two-year transition period.”
sion options. This transaction was negotiated by Meridian senior managing director, Abe Hirsch , managing director, Matthew Texler and analyst, Paul Kim , who are all based in the company’s New York City headquarters. “The loan structure will allow for this conveniently located asset to achieve its full leas- ing potential through a more focused rebranding program, and more aggressive leasing strategy,” explained Texler. “Additionally, the interest-only structure reduces near term debt service costs during the
Broadacres Office Park, lo- cated at 200, 300, 400 Broad- acres Dr. and 1455 Broad St., totals 396,488 s/f of office space and houses diverse tenants such as Bechtel, Randa Lug- gage, Dewberry and Munzing LLC.
million in fi- nancing for the acquisi- t i on of the Broadacres Office Park p r o p e r t y , l o c a t e d i n Bloomfield. The three-
year loan, provided by a na- tional balance sheet lender, features a floating rate with full-term interest-only pay- ments and two one-year exten-
Broadacres Office Park
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62-68 69th St.
In Guttenberg, NJ — Meridian Capital Group ar- ranged $7.7 million in ground- up construction financing for the development of a luxury apartment building. The 18-month construction loan, provided by a balance sheet lender, features full- term interest-only payments and two six-month options to extend the loan. This financing was negotiated by Meridian vice presidents, Paul Gilbert and Emil DePasquale , who are both based in the com- pany’s Iselin office. The future multifamily prop- erty, located at 62-68 69th St. in Guttenberg, is planned to be a six-story, 39-unit luxury apartment building. The prop- erty is one of a kind that will offer state-of-the-art smart home technology, high-end ap- pliances, exceptional interior designs, a fitness center and a vegetated rooftop terrace with outdoor gas fire pits. 62-68 69th Street will be the first property in Guttenberg to offer below- grade onsite secured parking that utilizes car elevators. “The loan was already com- mitted in early 2016, but the borrower decided to enter into contract to sell the property,” said DePasquale. “Nearly a year later, after the sale was not completed, Meridian uti- lized their relationship with the original lender and was able to achieve favorable terms with full-term interest-only payments, despite the change in the lenders underwriting guidelines.” n
“With CPC’s lending expertise I’m not just buying a building, I’m revitalizing the block.”
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