Meridian arranges $24 million in financing for the acquisition of the Broadacres Office Park
Bloomfield, NJ — Meridian Capital Group negotiated $24 million in financing for the acquisition of the Broadacres Office Park property, located in Bloomfield.
The three-year loan, provided by a national balance sheet lender, features a floating rate with full-term interest-only payments and two one-year extension options. This transaction was negotiated by Meridian senior managing director, Abe Hirsch, managing director, Matthew Texler and analyst, Paul Kim, who are all based in the company’s New York City headquarters.
“The loan structure will allow for this conveniently located asset to achieve its full leasing potential through a more focused rebranding program, and more aggressive leasing strategy,” explained Texler. “Additionally, the interest-only structure reduces near term debt service costs during the proposed two-year transition period.”
Broadacres Office Park, located at 200, 300, 400 Broadacres Dr. and 1455 Broad St., totals 396,488 s/f of office space and houses diverse tenants such as Bechtel, Randa Luggage, Dewberry and Munzing LLC.