P3 Properties Secures $25 Million Loan From Optimum Bank For Event Venue Repositioning

The property asset involved in this transaction is an event venue located at 2 Meadowlands Plaza in East Rutherford. The asset spans 320,972 square feet and has secured a loan amount of $25,000,000. The loan type is categorized as acquisition financing, intended for the project of repositioning the former Hilton Meadowlands into a significant global events destination.

Summary of transaction details:

• Property Type: Event Venue
• Transaction Amount: $25,000,000
• Asset Address: 2 Meadowlands Plaza
• Market: East Rutherford
• Lender: Optimum Bank
• Landlord: P3 Properties - Harvey Rosenblatt
• Brokers: Eliezer Finkel & Rael Gervis - Meridian Capital Group
• Loan Type: Acquisition

This transaction was orchestrated by brokers Eliezer Finkel and Rael Gervis from Meridian Capital Group, representing P3 Properties and its lead, Harvey Rosenblatt. The financing was arranged specifically for World Of Blue, marking a pivotal transition as the venue adapts to capitalize on the anticipated influx of major international events near MetLife Stadium.