NEWARK-Financing totaling $17.3 million has been secured for two landmark buildings owned by Miles Berger. The assets are both listed on the National Register of Historic Places.
The funding was arranged for the borrower by Jay Bidnick and Elliot Treitel of the Iselin, NJ office of the New York City-based Meridian Capital Group. Meridian officials say the borrower had existing mortgages on both properties and took new mortgages on each. The proceeds are being used to pay off the existing loans, for further capital improvements to each property and for additional real estate investments.
According to information released by Meridian, the package carries a 4.25% interest rate, and both properties were qualified for new market tax credits. The source of the funding was not disclosed.
The assets include Ten Park Place, a 10-story office building with 160,000 sf. The building is more than 90% leased, with Essex County and New Jersey Public Television and Radio as its major tenants.
The second is Fifty Park Place, which contains 15 stories of office space and 15 stories of hotel space, altogether amounting to 220,000 sf. The hotel portion totals 170 rooms, and the office portion has a tenant mix of law firms, doctors and the offices of the New Jersey State Opera. A restaurant also occupies a portion of the ground floor.
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