Meridian arranges $51m in construction takeout financing for the Phoenix Village Apartments
Phoenixville, PA — Meridian Capital Group arranged $51 million in construction take out financing to refinance the Phoenix Village Apartments located in Phoenixville, on behalf of The Fox Companies. The three-year loan, provided by a balance sheet lender, features a floating rate of 2.75% over the 30-day LIBOR rate and full-term interest-only payments. This transaction was negotiated by Meridian managing director, Jim Bologno and senior vice presidents, Paul Gilbert and Scott Jackson, who are all based in the company’s Iselin, NJ office. Phoenix Village Apartments is a four-story, 275-unit multifamily property with 20,000 square feet of ground floor retail space, located at 131 Bridge Street in Phoenixville, PA. The property consists of spacious one-, two-, and three-bedroom apartments, featuring gourmet kitchens, wood inspired flooring, walk-in closets and designer lighting fixtures. Building amenities include a residents’ lounge, a business center, a fitness center, a movie theater, and an outdoor barbeque area and a fire pit. The property is situated adjacent to the Schuylkill River Trail in a thriving walkable neighborhood, which includes a variety of art galleries, boutique shops and restaurants. Residents also enjoy close proximity to the Pennsylvania Turnpike and the town of King of Prussia.
“Meridian used its extensive network to identify a balance sheet lender that was comfortable funding the loan prior to full stabilization,” said Mr. Gilbert. “This allowed for the borrower to take out a construction loan and execute a business plan that fit within their time frame.”
Founded in 1991, Meridian Capital Group is America’s most active dealmaker and one of the nation’s leading commercial real estate finance and investment sales firms. In 2016, Meridian closed $35 billion in loan volume and sold over $2 billion in commercial properties. Since inception, the company has closed more than $270 billion in financing with the full complement of capital providers, encompassing local, regional and national banks, CMBS lenders, agency lenders, mortgage REITs, life insurance companies, credit unions and private equity funds.
Meridian represents many of the world’s leading real estate investors and developers and the company’s expansive platform has specialized practices for a broad array of property types including office, retail, multifamily, hotel, mixed-use, industrial, healthcare, student housing and self-storage properties. Meridian is headquartered in NYC with offices in NJ, MD, Illinois, Ohio, Florida and California.