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Meridian Capital Arranges Construction Loan for Central NJ Offices
Meridian Capital Group closed an $18,375,000 construction-to-permanent loan to finance the development of a 75,000-square-foot office building at 680 Bennetts Mill Rd. in Jackson, NJ. The financing was arranged by managing director Paul Gilbert on behalf of Towne Companies.
Provided by First Commerce Bank, the loan includes a 12-month construction period with interest-only payments, extendable by two six-month options. Upon completion, the loan transitions to a 30-year permanent mortgage with competitive terms. The lender is funding a comprehensive financing package, including support for site improvement and hard construction costs.
“First Commerce Bank demonstrated an exceptional level of dedication throughout this process, taking the time to truly understand the deal, the market and all the nuances involved,” said Gilbert. “This deal was anything but cookie-cutter, with many complexities, including township land hurdles, that required thoughtful navigation. It was in the works for quite some time, but the end result reflects the seamless collaboration of all parties involved.”
- ◦Financing
