EAST RUTHERFORD, NJ— East Rutherford LLC has obtained a $25 million mortgage on the Sheraton Meadowlands Hotel & Conference Center here from M&T Bank, according to sources with Prime Hospitality Corp., a 40% partner in the property-owning investment group. Other partners involved in East Rutherford LLC include United Capital Corp.— also with a 40% share— and Ark Investment Partners comprising the remainder of the stake. Built in 1986, the 21-story, 425-room hotel is said to be the largest in Fairfield, NJ-based Prime’s portfolio. The hotel boasts 50,000 square feet of meeting space, including a conference center certified by the International Association of Conference Centers and what has been billed as the largest ballroom in northern New Jersey. More recently, the Sheraton Meadowlands had undergone a $5.1 million room-centered renovation.
