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NEW YORK CITY-Locally based Rubin Schron of Cammeby’s International takes cash out of a 36-property industrial portfolio while securing a long-term rate through a $340-million refinancing. The 6.2 million sf of properties are located in 14 states.

Locally based Meridian Capital Group LLC arranged the financing. Goldman Sachs originated the 10-year, fixed-rate loan. Meridian’s Ralph Herzka and David Rosenberg handled the initial acquisition last year as well as negotiated the current refinancing. Rosenberg says the transaction allowed Schron to take cash out and secure an attractive rate for the long term. “Goldman really stepped up to the plate and delivered on a very creative structure.”

In November 2004, a partnership formed by the Brooklyn-based JFR Global Investments and Schron acquired a portfolio. The two privately owned investment and development firms are paying a reported $350 million for the assets. The seller was a fund operated by First Industrial Realty Trust and Kuwait Finance House.

The buildings are 99% occupied and have little rollover until 2007. Tenants include Maytag, Aero Plastics, SC Johnson & Son and Prime Distribution Services. The assets, which are a mix of office and industrial, are located in Michigan, Minnesota, Colorado, Tennessee, Arizona, Florida, Texas, West Virginia, Indiana, New Jersey and Pennsylvania, among others. As part of that deal, Bank of America provided a total of $222 million in financing.

While not Meridian’s largest deal this year, it is among the largest, a company spokesperson tells GlobeSt.com. Founded in 1991, Meridian reported more than 2,900 transactions totaling $11.9 billion in 2004.

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