Secure $35M in Construction Financing for Lakewood Class-A Office Development

Newlines Tower, a class-A office development in Lakewood, NJ has secured $35 million in ground-up construction financing. Located at 500 Boulevard of the Americas, the project will encompass an eight-and-a-half acre site and feature a six story office tower spanning approximately 172,000 square feet with completion expected by third quarter 2024. Additionally there will be two retail spaces as well as warehouse and parking space included onsite.
Meridian Capital Group arranged the loan from a balance sheet lender through negotiations led by Morris Betesh, Jacob Schmuckler and Morris Dabbah. Betesh commented “Despite negative headlines about office performance nationally we are seeing breakneck growth and resilience within Lakewood’s market”
This news highlights that despite challenging times for many industries due to COVID 19 there is still strong demand for quality commercial real estate projects such as Newlines Tower located in Lakewood NJ which have been able to secure significant funding for their developments.