Meridian Aranges $3+ mil Financing
Hotel in Jersey City
JERSEY CITY, NJ, August 8, 2006. Meridian Capital Group recently secured $3,300,000 in financing for the Ramada Inn located at 65 Tonnele Avenue. The five-story hotel contains 102 rooms and 80,000 square feet. Jay Bidnick and Elliot Treitel of Meridian's New Jersey office, negotiated on behalf of borrower Miles Berger to secure a rate of 6.5% over a ten-year term.
The property is within close proximity to Routes 1 and 9, the New Jersey Turnpike, Route 78, and is in walking distance to the Journal Square PATH station with convenient and fast access to Manhattan.
The Berger Organization owns and operates a portfolio of commercial properties located in New Jersey, with their main office headquarters located in Newark. This is the fourth deal Meridian has closed for the Berger Organization in the past year.
Founded in 1991, Meridian Capital Group LLC is one of the nation's largest mortgage brokers 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, and California. 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 2,500 transactions in 2005, totaling over $16 billion.
Marriott International, Inc. (NASDAQ: MAR) is a global leading lodging company based in Bethesda,Maryland, USA, with more than 4,200 properties in 80 countries and territories. Marriott International reported revenues of nearly $14 billion in fiscal year 2014. The company operates and franchises hotels and licenses vacation ownership resorts under 19 brands, including: The Ritz-Carlton®, BVlgari®, EDITION®, JW Marriott®, Autograph Collection® Hotels, Renaissance® Hotels, Marriott Hotels®, Delta Hotels and Resorts®, Marriott Executive Apartments®, Marriott Vacation Club®, Gaylord Hotels®, AC Hotels by Marriott®, Courtyard®, Residence Inn®, SpringHill Suites®, Fairfield Inn & Suites®, TownePlace Suites®, Protea Hotels® and MoxyHotels®. Marriott has been consistently recognized as a top employer and for its superior business ethics. The company also manages the award-winning guest loyalty program, Marriott Rewards® and The Ritz-Carlton Rewards® program, which together surpass 50 million members. For more information or reservations, please visit our website at 
