PHILADELPHIA-Meridian Capital Group negotiated a $5.5 million mortgage for the refinancing of the Manayunk Self Storage property here.
The 10-year loan has a fixed interest rate of 5.27%. Barry Lefkowitz and Jay Jacobovitch of Meridan's Iselin, NJ, office handled the transaction.
The five-story industrial property at 116 Fountain Street has 794 storage units in 65,700 square feet.
“The sponsor was seeking long-term, non-recourse financing and Meridian canvased the CMBS lending market to identify a lender who could provide exactly what the sponsor required,” said Lefkowitz.
Meridian is headquartered in New York and has offices in New Jersey, Maryland, Illinois, Florida, Arizona and California. The company arranges financing for transactions ranging from $1 million to more than $500 million for all types of commercial real estate.
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