Core Philly Asset Scores $13M Refi
- May 25, 2018
Meridian Capital Group has arranged $13 million in refinancing for Windsor Suites, a mixed-use hotel and multifamily property in downtown Philadelphia.
The seven-year loan was provided by a balance sheet lender and has a 3.75 percent rate. Meridian’s David Fisher and Scott Jackson, senior vice presidents, arranged the funds on behalf of Edward S. Brown Group.
“The borrower was looking for flexibility that CMBS lenders and life companies weren’t able to offer. Meridian identified a balance sheet lender that appreciated the sponsorship’s long-term ownership of the asset and could provide a fixed-rate loan, locked at application, with a flexible prepayment penalty and no reserve structure,” said Jackson in a prepared statement.
Windsor Suites is located at 1700 Benjamin Franklin Parkway, in Philadelphia’s Center City. The 24-story tower comprises 196 hotel rooms and 120 unfurnished apartments. Hotel suites range from 485 to 900 square feet, while the unfurnished units are between 500 and 990 square feet. Common-area amenities include 24-hour concierge services, 24-hour fitness studio, seasonal rooftop pool, laundry facilities, business center and newly revamped meeting rooms. Windsor Suites also includes a 5,000-square-foot commercial component, currently leased to a law firm, as well as two restaurants.
Benjamin Franklin Parkway is one of Philadelphia’s most important corridors, with immediate access to Center City’s destinations. Retail, dining and entertainment can be found nearby. Train and subway stations provide transportation around other areas of the metro, along with interstates 76, 676 and 95.
Image via Google Street View