F inancial D igest
Real Estate Journal — July 14 - 27, 2017 — 11A
www.marejournal.com
M id A tlantic
Bologno, Gilbert and Jackson negotiated the transaction Meridian arranges $51m in construction takeout financing for the Phoenix Village Apartments
hoenixville, 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 Compa- nies. 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 direc- tor, Jim Bologno and senior vice presidents, Paul Gilbert and Scott Jackson , who are all based in the company’s Iselin, NJ office. Phoenix Vil- lage 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 gour- P
Jim Bologno
Paul Gilbert
Scott Jackson
met 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 ad- jacent to the Schuylkill River Trail in a thriving walkable neighborhood, which includes a variety of art galleries, bou- tique 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 comfort- able funding the loan prior to full stabilization,” said Mr. Gilbert. “This allowed for the borrower to take out a con- struction 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
Phoenix Village Apartments
the world’s leading real estate investors and developers and the company’s expansive plat- form has specialized practices for a broad array of property types including office, retail, multifamily, hotel, mixed-use, industrial, healthcare, student housing and self-storage prop- erties. Meridian is headquar- tered in NYC with offices in NJ, MD, Illinois, Ohio, Florida and California. n
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, encompass- ing local, regional and national banks, CMBS lenders, agency lenders, mortgage REITs, life insurance companies, credit unions and private equity funds. Meridian represents many of
Blake of Berkadia Commercial Mortgage secures more than $23 million in financing for development of VA multifamily property
Christiansburg, VA — Berkadia Commercial Mortgage LLC announced
the $23.54 million fi- nancing of The Adams at Peppers F e r r y , a mul t i fam- ily property t h a t w i l l be built in
David Blake
Christiansburg. Senior man- aging director David Blake of the Richmond office ar- ranged the 221(d)(4) through Berkadia’s partnership with HUD on behalf of Denstock Peppers Ferry LLC. The 40- year loan features a 4 percent fixed interest rate and an 83.3 loan-to-value ratio. “The borrower jumped at the chance to be involved in the development of this new property amid a thriving mar- ket,” Blake said. “Our team worked closely with theirs to deliver the terms and rates
Adams at Peppers Ferry Rendering courtesy of Architect: The Gaines Group, PLC; General Contractor: KBS, Inc. and Developer/Owner: Denstock LLC
they were seeking.” The Adams at Peppers Ferry’s location in Christiansburg
positions it on the perim- eter of Blacksburg’s bustling Virginia Tech campus. The
168-unit property is also conveniently located within proximity to the region's
largest concentration of retail and the LewisGale Hospital Montgomery. n
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