Lindy Communities has landed a $35.2 million loan for the refinancing of a Northern Philadelphia multifamily portfolio. Secured by six separate assets totaling 389 units, the instrument features a seven-year term with a fixed rate of 3.75 percent provided through a balance sheet lender. 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. All of the communities were built more than 50 years ago and have occupancy rates of between 89.6 percent and 97 percent have been under the same ownership for generations. Meridian Capital Group’s Managing Director, David Fisher and Senior Vice President, Scott Jackson worked on behalf of the borrower to find the financing.
“The portfolio has been owned and operated by the same family for generations,” said Jackson, Meridian Capital Group. “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.”
