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Meridian's Fisher arranges $17.85 million in financing

Philadelphia, PA - 2013-11-26

Meridian Capital Group, LLC, a leading national commercial real estate finance and advisory firm, negotiated a $17.85 million mortgage for the refinancing of the Walnut Place luxury multifamily property on behalf of PMC Property Group.

The ten-year loan features a fixed-rate of 3.75% and was provided by a local balance sheet lender. This transaction was negotiated by Meridian senior vice president, David Fisher, who is based in the Company's Iselin, NJ office.

Walnut Place, located at 312-320 Walnut St., is eight stories and contains 77 apartment units and 3,000 square feet of ground level retail space. The property is a remodeled, historic apartment building featuring unique loft-style apartments with high ceilings, natural light, and spectacular views of Philadelphia. Additionally, Walnut Place includes modern amenities such as condominium grade kitchens, hardwood flooring, a state-of-the-art fitness center, on-site laundry facilities, and on-site parking.

PMC Property Group has over 35 years of experience in acquiring, renovating, managing, and financing residential and commercial real estate. The company currently operates over 80 residential communities along the east coast, totaling over 8,000 units, from brownstones to historic high-rises. PMC is the largest multifamily owner in Center City, Philadelphia, specializing in converting obsolete commercial properties into vibrant, upscale multifamily and mixed-use communities, many of which have earned designation on the National Register of Historic Places.

"The property had very recently come out of the lease-up phase," said Mr. Fisher. "Meridian was able to leverage its strong relationship with the lender to maximize proceeds without requiring a 90/90 test, when a property must be 90% leased for 90 days to qualify," he said.