Meridian Capital Group, America’s most active dealmaker, negotiated $70 million in balance sheet financing to refinance Hatfield Village, a multifamily community in Hatfield, PA, on behalf of Scully Company.
The seven-year, fixed-rate loan, provided by a local balance sheet lender, features a rate of 3.70% and two years of interest-only payments. This transaction was negotiated by Meridian Senior Vice Presidents Russ Drebin, David Fisher, and Scott Jackson, who are all based in the company’s Iselin, NJ office.
Located at 2058 Maple Avenue, Hatfield Village, is a garden apartment community situated on a serene 70-acre park-like setting. The property consists of 35 three-story brick buildings, totaling 997 units. Community amenities abound, including an Olympic-size swimming pool, state-of-the-art fitness center, picnic areas, tennis and basketball courts, and walking trails along the beautifully manicured grounds. Apartment amenities include wall-to-wall carpeting, fully-equipped modern kitchens, individually controlled heat and air conditioning, abundant closet space, and 24-hour emergency maintenance. Hartfield Village is conveniently located just off the Pennsylvania Turnpike (Route 476) and minutes from routes 309, 63, 463, and 202. The community is surrounded by numerous parks and recreational facilities, including the Hatfield Community Park and Aquatic Center, XL Sports World, and the Hatfield Ice Arena. Various shopping centers and restaurants are just a few minutes away, and Center City, Philadelphia is 30 miles south of the property.
“A loan of this size will typically be financed by one of the agencies or via the CMBS market, but our borrower was specifically seeking a flexible balance sheet financing solution,” Mr. Jackson explained. “Given the track record and reputation of the sponsorship and the quality of the asset, Meridian was able to engage a balance sheet lender that was comfortable with a loan of this size and obtained a flexible structure with no reserve requirements.”
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