NORTH BERGEN, NJ—Meridian Capital Group arranged $23.5 million in CMBS financing for the recapitalization and acquisition of an industrial property located in North Bergen, NJ on behalf of Sitex Group and EXP.
“This transaction involved a complicated recapitalization which allowed Sitex Group to monetize their value enhancements to the property since acquisition,” says Tal Bar-Or, senior managing director with Meridian. “Meantime, EXP was able to take a more direct stake in the property in which it continues to grow a successful business.”
The ten-year loan, provided by Benefit Street Partners, features a fixed rate below five percent. Assisting Bar-Or in the transaction were Raj Khatiwala, VP, and Kyle Kite, senior associate, who are all based in Meridian's New York headquarters.
The 292,689-square-foot property, at 2500 East 83rd Street in North Bergen, NJ, contains a refrigerated and climate controlled industrial space. The property is near the New Jersey Turnpike and halfway between the George Washington Bridge and the Lincoln Tunnel. 2500 East 83rd Street is in a highly desirable area for logistics purposes, particularly for companies that serve the New Jersey, Pennsylvania, New York, and Connecticut markets.
A public relations agency representative for Sitex Group told GlobeSt.com the company would not comment on the transaction.
NORTH BERGEN, NJ—Meridian Capital Group arranged $23.5 million in CMBS financing for the recapitalization and acquisition of an industrial property located in North Bergen, NJ on behalf of Sitex Group and EXP.
“This transaction involved a complicated recapitalization which allowed Sitex Group to monetize their value enhancements to the property since acquisition,” says Tal Bar-Or, senior managing director with Meridian. “Meantime, EXP was able to take a more direct stake in the property in which it continues to grow a successful business.”
The ten-year loan, provided by Benefit Street Partners, features a fixed rate below five percent. Assisting Bar-Or in the transaction were Raj Khatiwala, VP, and Kyle Kite, senior associate, who are all based in Meridian's
The 292,689-square-foot property, at 2500 East 83rd Street in North Bergen, NJ, contains a refrigerated and climate controlled industrial space. The property is near the New Jersey Turnpike and halfway between the George Washington Bridge and the Lincoln Tunnel. 2500 East 83rd Street is in a highly desirable area for logistics purposes, particularly for companies that serve the New Jersey, Pennsylvania,
A public relations agency representative for Sitex Group told GlobeSt.com the company would not comment on the transaction.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to asset-and-logo-licensing@alm.com. For more inforrmation visit Asset & Logo Licensing.