GREENVILLE, DE—Pettinaro Residential has secured a ten-year, floating rate $37.4 million refi for its Towers at Greenville multifamily property. The loan, secured by Meridian Capital Group VP Jim Bologno, based in the company's Iselin, NJ office, came with an interesting structure designed to minimize the borrower's transaction costs.
The 10-year loan, which has a floating-rate of 170 basis points over LIBOR, was provided by a regional balance sheet lender. Essentially the loan floats over LIBOR with no cap, Bologno explains, "enabling them to fully capitalize on the low prevailing LIBOR rate environment."
Towers at Greenville is a 515-unit property with both apartments and townhomes located on Presidential Drive. Pettinaro Residential's portfolio consists of four million square feet of office, retail, industrial and multifamily assets in Delaware, Maryland, Pennsylvania, New Jersey and Florida.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
