Meridian Capital Group, America’s most active dealmaker, arranged $52.5 million in CMBS and mezzanine financing for the Riverview Landing at Valley Forge, luxury multifamily property in Eagleville, PA, on behalf of Liss Property Group (www.lisspropertygroup.com).
The 10-year financing package features a blended rate of 5.68% and full-term interest-only payments. Meridian achieved a loan-to-value of 82.5% by combining the senior CMBS loan with the mezzanine layer of debt. This transaction was negotiated by Meridian Managing Director, Russ Drebin, and Senior Vice President, Steven Halpert, who are both based in the company’s Iselin, NJ office.
“The proceeds of this financing packaged were used to retire a bridge loan that was used to renovate approximately 30% of the units. The success of this capital improvement initiative allowed Meridian to secure favorable permanent financing with mezzanine debt that includes funds allocated for the renovation of the remaining units,” said Mr. Halpert.
The Riverview Landing at Valley Forge, located at 1776 Patriots Lane, is a luxury multifamily property, consisting of 310 units that are split across six buildings. Thirty percent of the property’s units underwent extensive renovations that included everything from new stainless steel appliances, granite countertops, rich espresso cabinetry, brushed nickel cabinet pulls, and kitchen backsplashes to upgraded vinyl floor planking, premium blinds, and enhanced lighting. In addition to high ceilings, walk-in closets, full-size washer and dryers, cable ready spaces, private balconies, bay windows, and gas fireplaces in select residences, Riverview Landing at Valley Forge also offers a plethora of community amenities, including a swimming pool with sundeck, grilling stations, fitness center, a 5,000-square foot clubhouse with a kitchen, fireplace, and billiard room, large-screen television and entertainment system, wireless café and business center, controlled building access, 24-hour emergency maintenance, package acceptance service with in-home delivery, laundry valet, complimentary coffee and tea service, and stunning views and walking trails along the Schuykill River.
Situated in the beautiful Valley Forge suburb of Philadelphia, the property is just minutes away from major thoroughfares, including the Interstate 76, US Route 202, and PA Route 422. Riverview Landing at Valley Forge is in close proximity to the King of Prussia Mall, home to many national brands, including Nordstrom, Bloomingdale’s, Macys, Saks, Sears, and a wide range of dining options. Target, Home Depot, United Artists Theater, Cinemas, Bed, Bath, and Beyond, Wal-Mart, and Costco are also nearby.
Founded in 1991, Meridian Capital Group, LLC is one of the nation's largest commercial real estate finance and advisory firms. Meridian is headquartered in New York with offices in New Jersey, Maryland, Illinois, Florida and California. Working with a broad array of capital providers, Meridian arranges financing for transactions ranging from $1 million to more than $500 million for multifamily, co-op, office, retail, hotel, mixed-use, industrial, healthcare, student housing, self-storage and construction properties. www.meridiancapital.com