Meridian Capital Group, America’s most active deal maker, negotiated $24 million in financing for the acquisition of the Broadacres Office Park property, located in Bloomfield, NJ J, on behalf of Harvey Rosenblatt’s P3RE Properties.
The three-year loan, provided by a national balance sheet lender, features a floating rate with full-term interest-only payments and two one-year extension 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 leasing potential through a more focused rebranding program, and more aggressive leasing strategy,” explained Mr. Texler. “Additionally, the interest-only structure reduces near term debt service costs during the proposed two-year transition period.”
Broadacres Office Park, located at 200, 300, 400 Broadacres Drive and 1455 Broad Street, totals 396,488 square feet of office space and houses diverse tenants such as Bechtel, Randa Luggage, Dewberry and Munzing LLC. The property is situated between Garden State Parkway exits 151 and 153 near the interchanges of Route Three and Route 46, offering direct access to central New Jersey. Broadacres Office Park is also in close proximity to Newark International Airport and Teterboro Airport, as well as the Montclair New Jersey Transit line to New York City. The property was 72% occupied at acquisition and will be fully capitalized to undertake an immediate rebranding/light renovation plan and leasing initiative with the goal to increase occupancy to the high 80% range, in line with the surrounding area. Property features include an inviting outdoor courtyard and patio area with a reflecting pool and a fountain, as well as lobby upgrades as part of the capital improvement plan.
About Harvey Rosenblatt of P3RE
Harvey Rosenblatt’s career in the real estate industry began as an intern at a New York City based real estate firm. His responsibilities ranged from the initial underwriting of deals, to the day-to-day management of properties after closing. During his initial tenure, Harvey oversaw the closing and management of 1,000,000 square feet of commercial real estate.
After several years, Harvey Rosenblatt opened his own company, P3RE Properties. The business model of P3RE seeks value-add opportunity commercial deals within the tri state area. To date, Harvey owns and manages just shy of 1,000,000 square feet of properties.
Two recent notable transactions by P3RE Properties is Smithville Square, a 107,000 square foot shopping center, located in Galloway Township, NJ that has just undergone a complete upgrade, and is in the middle of the lease up process. The second acquisition of note is the 385,000 square foot Eisenhower Corporate Campus office property in Livingston, NJ.
P3RE continues to seek opportunistic deals in -and around the tri state area.
About Meridian Capital Group
Founded in 1991, Meridian Capital Group, LLC is one of the nation’s largest commercial real estate finance and advisory firms. Meridian is headquartered in New York with offices in New Jersey, Maryland, Illinois, Florida and California. Working with a broad array of capital providers, Meridian arranges financing for transactions ranging from $1 million to more than $500 million for multifamily, co-op, office, retail, hotel, mixed-use, industrial, healthcare, student housing, self-storage and construction properties. www.meridiancapital.com