May 1, 2018
Meridian Capital Group, America’s most active dealmaker, arranged $13 million in financing for the refinance of the Cristie Portfolio, seven commercial properties located in Kenilworth, NJ, on behalf of Pierre Development Corp.
The seven-year loan, provided by a balance sheet lender and features a rate of 4.375%. This transaction was negotiated by Meridian Senior Vice Presidents, Jay Jacobovitch and Josh Munk, who are based in the company’s Iselin, NJ office.
The commercial properties span 132,574 square feet and are located at 15, 20, 25, 37, 80-100, 356 and 363-365 Market Street and 360 Carnegie Avenue in Kenilworth, NJ. Tenants include Community Bank, KinderCare Learning Center, and Atlantic Federal Credit Union. Kenilworth, NJ is located just 20 miles from Manhattan and is easily accessible via several local bus lines and New Jersey Transit at the Roselle Park station and the Cranford station. The properties are also a short distance from Newark Liberty International Airport.
“Maximizing loan proceeds on a seven-property office and industrial portfolio is a challenging assignment, and finding a balance sheet lender ready to fill the space typically occupied by CMBS lenders adds another layer of complexity,” said Mr. Jacobovitch. “We were able to leverage Meridian’s strong relationships with a wide network of lenders, identifying a suitable balance sheet lender to provide the financing at a very competitive rate. This execution gave the borrower both the flexibility and post-closing customer service indicative of a balance sheet loan.”
Founded in 1991, Meridian Capital Group is America’s most active deal maker and one of the nation’s leading commercial real estate finance and investment sales firms. In 2017, Meridian closed over 3,000 debt transactions across more than 200 unique lenders and sold nearly $1 billion in commercial property. Since inception, the company has closed more than $300 billion in financing with the full complement of capital providers, encompassing local, regional and national banks, CMBS lenders, agency lenders, mortgage REITs, life insurance companies, credit unions and private equity funds. Meridian represents many of the world’s leading real estate investors and developers and the company’s expansive platform has specialized practices for a broad array of property types including office, retail, multifamily, hotel, mixed-use, industrial, healthcare, student housing and self-storage properties. Meridian is headquartered in New York City with offices in New Jersey, Maryland, Illinois, Ohio, Florida and California. www.meridiancapital.com