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.

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Meridian Arranges $35.3M Financing for Allendale Corporate Center

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