GREENVILLE, DE—Pettinaro Residential hassecured a ten-year, floating rate $37.4 millionrefi for its Towers at Greenvillemultifamily property. The loan, secured by Meridian CapitalGroup VP Jim Bologno, based in the company's Iselin, NJoffice, came with an interesting structure designed to minimize theborrower's transaction costs.
The 10-year loan, which has a floating-rate of 170 basis pointsover LIBOR, was provided by a regional balance sheet lender.Essentially the loan floats over LIBOR with no cap, Bolognoexplains, "enabling them to fully capitalize on the low prevailingLIBOR rate environment."
Towers at Greenville is a 515-unit property with both apartmentsand townhomes located on Presidential Drive. PettinaroResidential's portfolio consists of four million square feet ofoffice, 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.
