Dealmaker: Meridian Capital Group Arranges $81M

Meridian Capital Group, New York, arranged $80.5 million for industrial and mixed-use assets in New Jersey and New York.

In Barrington, N.J., Meridian Senior Managing Director Abe Hirsch and Managing Director Matthew Texler arranged $37.6 million in acquisition financing for industrial property Barrington Business Center, the former headquarters of Owens Corning. Sun Equity Partners, New York, purchased the property.

Tremont Mortgage Trust, Newton, Mass., provided a 36-month loan with a one-year extension option and full-term interest-only payments. The floating-rate financing included a $34.9 million initial funding and a $2.7 million future funding allowance for property improvements and leasing capital.

Located at One Commerce Drive, the property totals 931,680 square feet. It was renovated and converted to multi-tenant use in 2000 and is now home to FedEx, Camden International and other tenants.

“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,” Texler said.

Meridian also arranged $42.9 in balance sheet and mezzanine acquisition financing for Fulton Plaza Apartments in Lower Manhattan’s Financial District. Managing Director Josh Rhine secured the financing. “Meridian was able to negotiate an assumption of the existing financing, preserving the favorable rate and terms of the acquirer, the Thurman Family of Thurcon Construction and Development,” he said.

Located at 106 Fulton Street, Fulton Plaza Apartments includes 81 residential units, ground-floor retail and two stories of commercial space totaling 75,000 square feet. Meridian’s investment sales division sold the mixed-use property, which traded for $77.5 million. Meridian Managing Directors Rich Velotta and Abie Kassin represented the seller and procured the buyer.

The Real Deal New York reported DSA Property Group sold the property.