DREXEL, PA — Meridian Capital Group, LLC, a national commercial real estate finance and advisory firm, arranged a $40 million loan for the refinance of a the Drexelbrook Apartments, a multifamily property located in Drexel Hill, on behalf of William Kay, a general partner of Drexelbrook Associates, LLC.
The 10-year loan features a floating-rate of 129 basis points over the one-month LIBOR and interest-only payments for the full term. This transaction was negotiated by Meridian Capital Group senior vice president, Jim Bologno, and vice president, Paul Gilbert, who are both based in the company’s Iselin, NJ office.
Drexelbrook Apartments totals 90 buildings and more than 1,200 units. The property is conveniently located in Upper Darby Twp., only eight miles from Philadelphia’s Center City.