Meridian Capital Group announced Monday it arranged $13 million in financing for seven commercial properties located in Kenilworth.
Financing for the Cristie Portfolio was completed on behalf of Pierre Development Corp.
The transaction was negotiated by Jay Jacobovitch and Josh Munk, senior vice presidents based at Meridian’s Iselin office.
The properties are comprised of 132,574 square feet and are located at 15, 20, 25, 37, 80-100, 356 and 363-365 Market St. and 360 Carnegie Ave.
Tenants at the properties include Community Bank, KinderCare Learning Center and Atlantic Federal Credit Union.
“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,” Jacobovitch said.
“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.”