PHILADELPHIA, PA—Iselin-based Meridian Capital Group negotiated an $88 million permanent loan to refinance the leasehold interest in Dranoff Properties' The Left Bank mixed-use property in Philadelphia, PA.
The five-year loan was provided by a regional balance sheet lender who was not named, at an interest rate of 3.38 percent. Meridian managing director David Cohen and senior vice president Max Beyderman negotiated the financing.
"As always, it was a pleasure working with the very professional team at Dranoff Properties; the quality of their assets and reputation speaks for itself," says Cohen. "We are pleased to further our long standing relationship by negotiating an aggressively priced loan that features prepayment flexibility."
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