Meridian Capital Group arranged $59 million in acquisition financing for One Tower Bridge, a high-rise office tower located in the Philadelphia suburb of West Conshohocken, PA for Wilmington-based developer The Buccini / Pollin Group.
The loan was provided by the private banking arm of a major financial institution and was negotiated by Meridian senior managing director Morris Betesh and SVP Alex Bailkin, both based in the company’s New York City headquarters.
The 15-story property is located at 100 Front St. in West Conshohocken, and totals 271,678 square feet. The building is located at the intersection of Philadelphia’s major highways, I-76 and I-476, as well as a short walk from the train station.
“Despite the constantly evolving macroeconomic environment and challenges within the office sector, Buccini / Pollin Group’s recent acquisition of One Tower Bridge is a testament to the trophy quality of the asset and the strength of the submarket and tenancy,” said Betesh.