Meridian Capital Group, America’s most active dealmaker, arranged $110 million in balance sheet financing for 251DEKALB, a five-building multifamily apartment complex located in King of Prussia, PA on behalf of a venture sponsored by New York-based Candlebrook Properties.
The 36-month loan, provided by a national debt fund, features a rate of 275 basis points over 30-day LIBOR and full-term interest-only payments. Meridian Senior Managing Directors, Abe Hirsch and Ronnie Levine, and Vice President, Akiva Friend, negotiated the financing.
“We were thrilled with Meridian’s guidance and ability to execute in an extraordinarily compressed timeframe during a generally difficult time of year, given the holidays,” said Candlebrook’s President, Neil Rubler.
“The quality and location of 251DEKALB dominated our conversations with lenders when we brought this transaction to market and allowed us to achieve a very efficient 36-month loan for this exceptional asset,” said Mr. Hirsch.
251DEKALB, located at 251 West Dekalb Pike, is a five-building multifamily property consisting of 641 spacious units with chef grade appliances, walk-in closets, premium European wide-plank flooring, state-of-the-art climate controls, bluetooth-controlled locks, luxurious rain showers, and beautiful views of the Delaware Valley. The complex contains studio, one-, two-, and three-bedroom units and rests on 26 acres at the highest point in King of Prussia. The community has gated security and features an Olympic size swimming pool and sun deck, fitness center, private club room, game room, sports amenities, and a business center. There is also a direct-access parking garage on site with nearby access to the historic Valley Forge Park.
Situated less than one mile from the King of Prussia Mall, the largest shopping complex in the United States, 251DEKALB is conveniently located near the best amenities and attractions the area has to offer, including upscale shops such as Bloomingdales and Neiman Marcus and restaurants by some of Philadelphia’s best-known celebrity chefs. The property is also only 19 miles from Center City Philadelphia, and minutes away from four major highways. This strength of location has enabled King of Prussia to maintain its position as one of the strongest rental locations within the greater suburban Philadelphia market.
About Meridian Capital Group
Founded in 1991, Meridian Capital Group is America’s most active deal maker 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 New York City with offices in New Jersey, Maryland, Illinois, Ohio, Florida and California.