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Meridian Capital arranges $7.6m loan for multifamily building in E. Orange

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Rendering of 51 N. Walnut St. in East Orange.
Rendering of 51 N. Walnut St. in East Orange. - ()

Meridian Capital Group has arranged an 18-month, $7.6 million floating-rate construction loan for a five-story, 58-unit multifamily property to be built at 51 N. Walnut St. in East Orange.

The loan will convert to a fixed, $8.2 million five-year loan upon stabilization. Meridian Senior Managing Director Israel Schubert, Senior Vice President Emil DePasquale and Vice President Nathan Baldinger negotiated the financing.

“The deal was structured with a permanent loan conversion at the time of stabilization that will allow the borrower to recapture their equity up to 100% of the total project cost,” DePasquale said.

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Vince Calio

Vince Calio

Vince Calio covers health care and manufacturing for NJBIZ. You can contact him at vcalio@njbiz.com.

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