WYNCOTE, PA–Meridian Capital Group negotiated a $92.3 million mortgage for the acquisition of the Towers at Wyncote apartments here by Lindy Property Management Company.
The eight-year loan for 80% of the purchase price carries a fixed-rate 3.625% interest rate; it was provided by a regional balance sheet lender.
The transaction was handled by Meridian 's senior vice-president, David Fisher, who is based in the company's Iselin, NJ, office.
The 1,095-unit, three-tower community includes an array of amenities: a movie theater, an outdoor swimming pool, a spa, tennis courts, a sports complex, a business center and a conference room. The complex at 8440 Limekiln Pike was built in 1968 and most recently renovated in 2008.
Meridian, based in New York, has offices in NewJersey, Maryland, Illinois, Florida, Arizona and California. The company arranges financing for transactions ranging from $1 million to more than $500 million for multifamily, co-op, office, retail, hotel, mixed-use, industrial, healthcare,student housing, self-storage and construction properties.
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