Meridian Capital Group, America’s most active dealmaker, arranged $37.6 million in acquisition financing for Barrington Business Center, an industrial property in Barrington, NJ on behalf of Sun Equity Partners.
The 36-month loan was provided by Tremont Mortgage Trust, features a one-year extension option, full-term interest-only payments, and was negotiated by Meridian Senior Managing Director, Abe Hirsch, and Managing Director, Matthew Texler.
Located at One Commerce Drive, the property spans 931,680 square feet and is the former headquarters of Owens Corning. It was renovated and converted to multi-tenant use in 2000, and is now home to FedEx, CHEP USA, PAE, and Camden International. Barrington Business Center is an iconic, well-known property in the area and is advantageously situated in both Barrington and Magnolia Townships.
“As with many former heavy industrial sites, this deal had complexity with respect to its use, as well as some near-term rollover that needed to be structured around. The sponsorship benefitted from a focused brokerage partner,” said Mr. Texler.
Founded in 1991, Meridian Capital Group is America’s most active dealmaker and one of the nation’s leading commercial real estate finance, investment sales and retail leasing advisors. In 2018, Meridian closed over $37 billion in financing through more than 3,500 transactions across more than 250 unique lenders and sold nearly $1 billion in commercial property. 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, and healthcare and senior housing properties. Meridian is headquartered in New York City with offices in New Jersey, Maryland, Illinois, Ohio, Florida, and California.