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Bar-Or and Ottomanelli of Meridian negotiate $85 million in financing

Danbury, CT - 2013-11-26

Meridian Capital Group, LLC, one of the leading national commercial real estate finance and advisory firms, negotiated an $85 million mortgage for the refinancing of the Matrix Corporate Center office property on behalf of Matrix Realty Group.

The five-year CMBS loan features a competitive fixed-rate of 4.61%. This transaction was negotiated by Meridian managing director, Tal Bar-Or and VP, Michael Ottomanelli, who are both based in the company's New York City headquarters.

The Matrix Corporate Center, located at 39 Old Ridgebury Road, totals 1,050,000 s/f of office space and is the largest office building in Danbury, accounting for 30% of total class A office space in that market. The property was constructed in 1981 and underwent over $10 million in renovations in 2012, which upgraded common areas and the fa├žade. Notable tenants include General Motors, Boehringer Ingelheim and Praxair, Inc.

"Numerous lenders had reviewed this financing request over the past few years," said Mr. Bar-Or. "After comprehensively evaluating the sponsor's business plan, Meridian identified the optimal lending partner and structured a loan that allows the client the flexibility to execute their value-add business plan while providing the certainty of a fixed-rate loan," he added.