Essington, PA — Meridian Capital Group, America’s most active debt broker, arranged $7 million in permanent financing for the refinance of the Wyndham Garden Philadelphia Airport hotel located in Essington.
The five-year loan, provided by a balance sheet lender, features a competitive rate of below 5.00% and one year of interest-only payments. This transaction was negotiated by Meridian managing director, Brian Flax, associate, Joel Chetner, and associate, Beau Williams, who are all based in the Company’s NYC headquarters.
The 308-room property, located at 45 Industrial Highway, is conveniently located just three miles from the Philadelphia International Airport and 12 miles from downtown Philadelphia. The hotel features a restaurant and lounge, outdoor pool, fitness center, business center and 6,500 s/f of meeting space. Hotel guests also have access to free parking and an airport shuttle.
“This was a unique execution as the hotel suffered from a small setback that consequently impaired the hotel’s performance. This also came at a time when the owners were looking to strategically position the hotel due to certain market conditions and needed additional capital on top of retiring their existing debt to implement a PIP,” said Williams. n
“Meridian was able to tailor a structure with the lender through historical analysis and current market research that suited the needs of the client satisfying the cap ex requirement and existing mortgage,” he added.