By Mihaela Coste
Meridian Capital Group arranged a $35.2 million in balance sheet financing on behalf of Lindy Communities for the refinancing of a Northern Philadelphia multifamily portfolio. The portfolio consists of six properties totaling 389 units.
The loans have a seven-year term, feature competitive fixed rates of 3.75 percent and were provided through a balance sheet lender. Managing Director, David Fisher and Senior Vice President, Scott Jackson, who are both based in the Meridian’s Iselin, N.J. office led the negotiations. Meridian also secured construction financing in the total amount of $21.7 million on behalf of Meyers Group for the development of a Class A, Pompano Beach luxury community in Florida last month.
Philly Portfolio Details
The assets offer a mix of studio, one- and two-bedroom units and are in close proximity to each other and to major transportation arteries, including interstates 276, 476 and 76.
The communities are:
- The Sedgwick Arms
- Westgate Arms
- Rosedale Court
- Academia Suites
- Mount Airy Arms
- Regency House
One of the largest properties from the portfolio is Academia Suites. Located at 1101 W. Godfrey Ave. in Philadelphia, the community offers 111 units with one- and two-bedroom units as well as studio floor plans. Amenities include a fitness center, community room, two laundry facilities and fire sprinklers system. According to Yardi Matrix data, the property built in two phases between 1965 and 1978 has an occupancy rate of 96.4 percent. Lindy acquired the asset in 1992 and in 2008 the property became subject to a $5.4 million loan held by Fannie Mae.
All of the communities were built more than 50 years ago and have occupancy rates between 89.6 percent and 97 percent, being under the same ownership for generations: “The portfolio has been owned and operated by the same family for generations,” said Jackson in a prepared statement. “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.”
Image courtesy of Yardi Matrix