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.
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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].
