Meridian Capital Group Arranges $18 Million in Permanent Financing for Office Property in Newark

On Jun 18, 2014

Meridian Capital Group, LLC, a leading national commercial real estate finance and advisory firm, negotiated an $18 million loan to refinance an office property located on Broad Street in Newark, on behalf of the Berger Organization.

The seven-year loan features a competitive fixed-rate of 4.25% and was provided by a regional balance sheet lender. This transaction was negotiated by Meridian Capital Group Managing Director, Tal Bar-Or, and Associate, Kyle Kite, who are based in the Company’s New York City headquarters.

The 15-story office property totals 200,000 square feet and is located at 570 Broad Street in downtown Newark, NJ. All of Newark’s top cultural attractions are within walking distance of the property including the New Jersey Performing Arts Center, Newark Museum, Newark Public Library, Riverfront Stadium and the Prudential Center. 570 Broad is also one of the most accessible office buildings in New Jersey,  located within minutes of the Garden State Parkway, New Jersey Turnpike, Route 1, Route 9, Route 21, Route 22, Interstate 280 and Interstate 78.

“Meridian was able to demonstrate the successful turnaround of the property and structure financing providing significant cash back to the sponsor,” said Mr. Bar-Or.

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