Treitel of Meridian finances $53m for 850,000 s/f mixed-use complex

Meridian Capital Group has arranged $53.2 million in financing for the purchase of Westchester Plaza.  The 850,000 s/f complex consists of four residential buildings with a total of 698 units. The complex also includes a 75,000 s/f shopping center. Elliot Treitel of Meridian's N.J. office negotiated on behalf of the borrower, Urban American Management, to secure a fixed-rate of 5.5% with the first three years of interest-only payments. Westchester Plaza occupies the center of a transportation network. The shopping center is home to tenants that include Washington Mutual Bank, Radio Shack and Eckerd.