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.
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