NEWTOWN SQUARE, PA−Joseph Merrill Capital a real estate investment-banking firm headquartered in New York City, has arranged a $33.9 million refinance loan for Equus Capital Partners' building in Ellis Preserve just outside Philadelphia.
The building at 3805 West Chester Pike in the 218-acre Ellis Preserve master-planned community has 240,352 square feet of office space, 89% occupied. The Ellis Preserve campus - when it is complete - will consist of 1.4 million square feet of office, 450,000 square feet of retail, 400 residential units and two hotels.
Equus acquired the entire campus ten years ago and development is still in progress.
Equus' entire portfolio comprises 24 million square feet of office, industrial, and retail properties and nearly 17,000 apartment units in more than 65 multifamily communities around the country.
Joseph Merrill structured the financing for the Ellis Preserve project with a foreign bank looking to expand its commercial real estate footprint in the US, managing principal James Rizzi tells GlobeSt.com. “The advantageous financing terms include non-recourse, no prepayment penalty, and pricing of Libor plus 225,” says Rizzi.
Robert Ames of Joseph Merrill orchestrated the deal.
Joseph Merrill's capital markets team acts as a conduit to more than 300 life insurance, pension fund, commercial and regional lenders. The group focuses on recapitalization projects for institutional clientele, but Rizzi says it is also currently looking at transactions for a number of balance-sheet permanent and bridge lending programs.
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