From the Real Deal:
Meridian makes cuts to New Jersey office
Meridian Capital Group has let go of brokers in its New Jersey office as the brokerage goes through a leadership shakeup and a blacklist from Freddie Mac and Fannie Mae.
The commercial brokerage laid off a number of brokers, but the company still plans to keep some of their top producers, according to a source. Meridian’s website still lists an office in Iselin, New Jersey. Meridian declined to confirm the exact number of layoffs.
“Meridian is transforming into a leaner and more efficient company that will continue to lead the CRE and multifamily brokerage space,” the company said in a statement.
The firm is seeking to revamp its executive team after Freddie Mac and Fannie Mae halted business with the firm amid allegations that some brokers falsified financials to secure larger loans than they otherwise would have obtained.
…
Meridian rose to be one of the largest brokerages for mid-size landlords in New York City. A large portion of its business came financing deals with Fannie and Freddie. In the first quarter of this year, Herzka told an audience at a real estate conference in New Jersey that Meridian closed $4 billion of new business with 99 lenders.
After news broke about Meridian’s blacklist, the company hired Brian Brooks, the former acting comptroller of the currency and worked for Fannie Mae. Brooks said he is considering measures to ensure financials sent to lenders are accurate, according to the Wall Street Journal. He is also considering mandating board approval for larger deals.
“We want our brokers to be scrappy and hungry, but we will be checking,” Brooks told the Journal. “We will cut brokers who cut corners.”
First
Happy Fathers day to all the fathers on the blog….enjoy your day.
Happy Father’s Day to all the Dads.
Happy Father’s Day! The weather is beautiful in the North East. Enjoy it as it’s going to be as hot as hell later this week.
Happy Father’s Day!
Happy Father’s Day! Great beach day for sure.
How’s the housing stock looking in everyone’s neighborhood? I haven’t taken inventory the last few weeks.
New record in our neighborhood this month $1,150,000.
These crap shacks should be selling for allot less. One home last sold in 2019 for $625,000 and is back on the market this week for $990,000. It will probably go for more, as it is already empty move in ready for school season.
Fast: Around 10 last time i checked 5 or 6!of those are asking north of one million , and they have been sitting. Another in the 650k range just went under contract after almost 2 months on the market. I was surprised it took so long. A couple of others here and there for sale, but overall very quiet.
Any golfers on this comments section? Who would like a NJRE golf GTG?
Watching the US Open, I noticed that if Rory took gimmies (putts) like some of the guys I play with, he would have won.
Banned by Fannie Mae? Isn’t that like getting kicked out of a rock group for doing too many drugs? Kind of unfathomable.
No One,
I don’t play golf but I’ll surely join in on the post-golf cigar and bourbon soirée.
Hold, in their own words Pearl Jam fired their drummer Dave Abbruzzese because he was too into being a rock star with partying and girls.
The house that went for $150 over asking in my neighborhood is about to close. In the past 2 weeks, some contractor who bought the lot in the woods behind them 2 years back (unknown to them) cleared the entire forest there. That whole “private backyard/deck” they thought they were buying is now visible to the whole neighborhood.
Buenos dias padres.
lol, we trust people to “read” and vote on bills that do this
https://nypost.com/2024/06/16/us-news/chuck-schumer-deletes-fathers-day-photo-tweet-in-front-of-grill-after-critics-slam-his-spatula-skills/
Fed s Kashkari says it’s not unreasonable to think no rate cuts until December.
Happy George Norcross Indictment Day to all who celebrate.
https://apnews.com/article/new-jersey-power-broker-racketeering-bbd1b04f1d56685067d535d3ca9e5959?fbclid=IwZXh0bgNhZW0CMTEAAR013E2vZfbAAhOzZfWxaE7xmh6C_ed553Wsh5EXLPfQkANUZSVutrRTqDE_aem_ZmFrZWR1bW15MTZieXRlcw#lxjbwaipphi76kpna2h
I thought “Orange Jesus” was a good name for Trump but then I just saw a poster call him, “Mango Mussolini.” LOL!
Oh, and some political analyst on MSNBC called Trump supporters ‘Jack-booted thugs’. Now, I’m wearing flip-flops here and never thought about getting Jack Boots, whatever they are. And tell me what form I need to fill out to get ‘thug’ status.
Fast Eddie: if you happen to be down in the area, you should check out what’s going on at the Princeton Junction train station all of the parking lots and a good amount of forest around the station have been leveled and it’s all multi story condos.
Also from exit 8 on the turnpike going east on route 33 until you get to the edge of the bypass that goes past the freehold Raceway Mall. All of that stuff in Manalapan Millstone and Monroe was open farmlands and it’s being filled with condos and standalone new construction.
3:32 just attack the Capitol next Dec 6.
The Millstone thing really gets me. When I drive down 33, I’ve always said there’s nothing nearby of convenience. Maybe that will change will development but they are either driving towards 130 or towards rt 9 towards civilization. The only things on those roads are a bunch of Wawa’s and Quick Checks, and those weren’t there like 6 years ago.
It’s like 10 minutes to Freehold and Rt 9. It’s probably quicker to get to say Shoprite in Freehold via 527 in Millstone than anyone who actually lives near Rt 9 in Freehold.
BRT: I can get from my house to Nassau Street in Princeton in under 50 minutes, even during rush hour.
Also, with the completed Turnpike extension for a contiguous I-95 in to Philly, you make it a really easy launch point North, South and West from there.
Also, the Edison crew is bleeding further and further south.
I was just in the South Brunswick Costco. No one was speaking English. Even a good bunch of the employees were Desi.
Chicago,
New Jersey – The Asphalt State