PHILADELPHIA–Meridian Capital Group, LLC, a New York City-based national commercial real estate finance and advisory firm, reports it has negotiated a $17.85-million mortgage for the refinancing of the Walnut Place luxury multifamily property here on behalf of PMC Property Group.

The 10-year loan features a fixed-rate of 3.75% and was provided by a local balance sheet lender, Meridian officials state. The transaction was negotiated by Meridian Capital Group Senior Vice President David Fisher, who is based in the company's Iselin, NJ office.

The eight-story building at 312-320 Walnut St. 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 views of Philadelphia. Walnut Place also includes hardwood flooring, a state-of-the-art fitness center, on-site laundry facilities, and on-site parking.

“The property had very recently come out of the lease-up phase,” said 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.”