PHILADELPHIA-Meridian Capital Group has arranged a $21.7 million mortgage for Pantzer Properties to purchase a Sansom Street apartment building here.
The five-year loan, provided by a local balance sheet lender, carries a fixed 3.13% rate with interest-only payments for the first two years and 30-year amortization. This transaction was negotiated by Meridian's Drew Anderman, Alan Blank and David Bollag, who are all based in the company's New York City headquarters.
The 13-story building at 1601 Sansom St. has 80 units and 11,192 square feet of ground-floor retail space. The units were previously leased and operated by Oakwood Corporate Housing as a short-term furnished corporate rental facility.
Pantzer's purchase trigged an early termination of the Oakwood lease.
Pantzer will reposition the property as a class-A multifamily rental.
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