NEWARK, NJ–The Berger Organization has obtained an $18 million refinance loan on its 570 Broad St. tower here, through Meridian Capital Group.
Meridian negotiated a seven-year loan with a 4.25% interest rate, which was provided by a regional balance-sheet lender. Tal Bar-Or and Kyle Kite, who are based in the company's New York City headquarters, arranged the loan.
“Meridian was able to demonstrate the successful turnaround of the property and structure financing providing significant cash back to the sponsor,” said Bar-Or.
The 15-story office property has a total of 200,000 square feet and is situated in the heart of downtown Newark, with the city's top cultural attractions within walking distance: the New Jersey Performing Arts Center, Newark Museum, Newark Public Library, Riverfront Stadium and the Prudential Center.
Three years ago, Berger Organization purchased a controlling interest in the partnership that owns the building and brought it back from several years of vacancy in the early 2000s. The building, which stands across from Washington Square Park, was built in 1960 by Helmsley-Spear and was originally IBM's New Jersey headquarters office.
Later, First National State Bank occupied it as a regional office. Berger has updated all the building systems and technology in the last several years.
The site offers very quick access to many of the state's major roadways: the Garden State Parkway, New Jersey Turnpike, Route 1, Route 9, Route 21, Route 22, Interstate 280 and Interstate 78.
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