Meridian Capital Group, America’s most active dealmaker, arranged $35.2 million in balance sheet financing for the refinance of the Northern Philadelphia multifamily portfolio in Philadelphia, PA, on behalf of Lindy Communities.
The seven-year loans, provided by a balance sheet lender, feature a competitive fixed rates of 3.75%. These transactions were negotiated by Meridian Managing Director, David Fisher and Senior Vice President, Scott Jackson, who are both based in the company’s Iselin, NJ office.
The Northern Philadelphia portfolio consists of six multifamily properties, totaling 389 units and offers a mix of studio, one-, and two-bedroom apartments. The Sedgwick Arms, Westgate Arms, Rosedale Court, Academia Suites, Mount Airy Arms, and the Regency House are located in the Philadelphia metro area and are in close proximity to each other, as well as to major transportation arteries, including the Interstates 276, 476, and 76 making all six properties easily accessible from all directions. North Philadelphia is immediately north of the central business district, as well as the North Philadelphia train station.
“The portfolio has been owned and operated by the same family for generations,” explained Mr. Jackson. “Their proven, long-term business plan helped Meridian in structuring balance sheet loans that reflect today’s historically low rates, with flexible terms that other lenders were unable to match.
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