By Joshua Burd
The owner of a retail and office portfolio in New Jersey and New York City has secured $18 million in financing for the properties, under a deal arranged by Meridian Capital Group.
The advisory team worked on behalf of the borrower, Joseph Jemal of Icer Properties, to source the loan for assets including 401 Route 28 in Raritan Borough, 2706 Route 22 in Union Township and 162-24 Jamaica Ave. in the Jamaica section of Queens. A commercial mortgage backed securities lender provided the loan, which has a rate of 3.32 percent, a 10-year term and interest-only payments.
Meridian Senior Managing Director Cary Pollack and Vice President Judah Neuman negotiated the transaction from the firm’s New York office.
“We are pleased to have worked with Icer Properties to provide them with long-term, fixed-rate financing with full-term interest-only payments,” Pollack said.
In a news release, Meridian said the Raritan property has three retail units totaling 22,206 square feet, while the 11,800-square-foot Union site has Petco as a single tenant. The Queens property, meantime, has two retail units totaling 5,250 square feet and three office units totaling 36,379 square feet.
Tenants including Guitar Center, FedEx, Vitamin Shoppe and the New York City Department of Probation also have leases within the portfolio, Meridian said.
