TPG Provides $126M Bridge Loan for NJ Mixed-Use Property
Arilex Realty has received a $126 million bridge loan from TPG Real Estate Finance to refinance The Centre mixed-use property in Cliffside Park, N.J., sources told Commercial Observer.
Merdian Capital Group’s Daniel Heumann, Drew Anderman and Ben Nevid negotiated the deal. The brokerage declined to comment on the lender’s identity or provide further details on the loan’s terms.
The Centre is a 15-story property located at 702 Anderson Avenue, comprising 314 residential units and 50,000 square feet of retail space. The building’s amenities include a roof deck, a pool, a fire pit, a public plaza, a clubroom, a library, a media room and a fitness center.
“Meridian refinanced the existing construction loan prior to project completion to finish the construction, rent and stabilize the property,” Anderman said in prepared remarks. “Adding to the uniqueness of this deal is the fact that the building is constructed on a ground lease and Meridian structured a future funding option to allow the sponsor the flexibility to purchase the fee at any point through the loan term.”
Meridian also structured favorable release terms with the lender to allow the sponsor to sell off various components of the project at any point during the loan term, Anderman said.
The brokerage has been actively securing financing in the Garden State. As first reported by CO, last month Meridian arranged a $70 million loan from Investors Bank for the repositioning of Bell Works, a 475-acre, 2-million-square-foot office campus in Holmdel, N.J.
A spokesman for TPG declined to comment. Officials at Arilex Realty could not be reached for comment.