In April of 2009 the Middletown and New Jersey Railway was acquired by Regional Rail LLC. in a transaction facilitated by Strategic Rail Finance. The M&NJ's previous owner Chartwell engaged SRF to sell the railroad after being unsuccessful in developing a waste disposal project which included the line. SRF evaluated the railroad, reached out to the most likely purchasers, and then assisted in due diligence and negotiation to close the sale.