Forked River, NJ - Meridian Capital Group recently arranged $2,080,000 in construction financing along with permanent financing on completion of the construction for the Health Equity Building. The property contains two stories totaling 14,698 square feet and is located at 424 South Main Street. Emil DePasquale of Meridian’s New Jersey office negotiated on behalf of the borrower, Health Equities, LLC. For the construction portion of this loan, 265 basis points plus the 30day LIBOR was secured for an 18-month period interest only. Upon completion of the construction a permanent loan was negotiated at 200 basis points over the 10-year treasury for a 10-year fixed term.

This project will be ground up construction for both retail and office spaces. Health Equities, LLC will be offering the space for either lease or purchase. Architecturally speaking, a combination of Cobblestone style veneer stone, 3 different types of colored siding and multi-colored metal tiled roofing will make this project one of kind as well as add significant value to the property.

Founded in 1991, Meridian Capital Group LLC is one of the nation’s largest mortgage brokerages serving the multifamily and commercial real estate sectors. The company is based in New York City with additional offices in New Jersey, Pennsylvania, Maryland, Illinois, Florida, California and Texas. Working with a wide variety of lenders, Meridian finances transactions ranging from $500,000 to more than $500 million for multifamily, co-op, office, retail, hotel, healthcare, self-storage, industrial, and construction properties. Nationally, Meridian reported more than 2,350 transactions in 2007, totaling over $16.5 billion.