Meridian arranges financing for East Orange project

Meridian Capital Group has arranged financing for a multifamily property being built in East Orange.

The New York-based commercial real estate finance firm, which has an office in Iselin, said in a news release that it arranged $7.6 million in 18-month construction financing, which converts to an $8.2 million, five-year permanent loan.

Meridian’s Israel Schubert, senior managing director; Emil DePasquale, senior vice president; and Nathan Baldinger, vice president, negotiated the financing from a balance-sheet lender.

The property, at 51 N. Walnut St., will be five stories and 58 units.