ALLENDALE, NJ—Meridian Capital Group negotiated a $35.3 million mortgage for the refinance of the Allendale Corporate Center, a flex office property located in Allendale, NJ, on behalf of Laino Enterprises.
The 10-year loan, provided by a CMBS lender, features a fixed-rate of 4.5 percent, and three years of interest-only payments followed by a 30-year amortization schedule. The transaction was negotiated by Emil DePasquale, Meridian senior vice president, who is based in Meridian's Iselin, NJ office.
Allendale Corporate Center is located at 40 Boroline Road in Allendale, NJ and is composed of six flex office buildings totaling 389,225 square feet.
“We were seeking maximum proceeds for our client but faced two hurdles. At the beginning of the refinance process, the property was 25% vacant and had specific zoning requirements and lease structures,” says DePasquale. “Meridian was able to get the lender comfortable despite the vacancy by demonstrating the upside potential of the market. We were also able to structure hold backs and minimal reserves to meet the lender's requirements and satisfy the borrower's needs.”
In 2014, Meridian closed 3,480 loans totaling more than $30 billion in transaction volume with 175 unique lenders.
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
