UNION, NJ-On behalf of Flagship Associates, Meridian Capital Group, LLC has secured $3 million to refinance the Flagship, a 40,000-square-foot, single-tenant retail property located on Rte. 22 here. The loan has a 10-year fixed-rate term with a 30-year amortization at a rate of 6%.

“It is a good indication in this market that Meridian successfully negotiated a non-recourse, low-leverage fixed-rate loan on a single-tenant retail property,” says Jay Bidnick, a senior loan officer based in the firm’s Iselin office, who was responsible for negotiating the loan. He tells GlobeSt.com, “This property is well-known for its unique characteristics, and is one of the highest performing stores for longtime tenant P.C. Richard & Son.”

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