Meridian Capital Group successfully closed an $18,375,000 construction-to-permanent loan for the development of a 75,000-square-foot office building located at 680 Bennetts Mill Rd. in Jackson, NJ. The financing was arranged by managing director Paul Gilbert on behalf of Towne Companies and provided by First Commerce Bank.
The loan from First Commerce Bank includes a 12-month construction period with interest-only payments that can be extended by two six-month options. Once the project is completed, the loan will transition to a 30-year permanent mortgage with competitive terms. The lender is also providing support for site improvement and hard construction costs as part of a comprehensive financing package.
According to Gilbert, this deal was not straightforward and required careful navigation due to various complexities such as township land hurdles. However, he praised First Commerce Bank for their dedication throughout the process and their understanding of all aspects involved in the deal.
This collaboration between Meridian Capital Group and First Commerce Bank resulted in successful funding for this unique project after months of hard work from all parties involved.
