PHILADELPHIA, PA—Iselin-based Meridian Capital Group negotiated an $88 million permanent loan to refinance the leasehold interest in Dranoff Properties' The Left Bank mixed-use property in Philadelphia, PA.

The five-year loan was provided by a regional balance sheet lender who was not named, at an interest rate of 3.38 percent. Meridian managing director David Cohen and senior vice president Max Beyderman negotiated the financing.

"As always, it was a pleasure working with the very professional team at Dranoff Properties; the quality of their assets and reputation speaks for itself," says Cohen. "We are pleased to further our long standing relationship by negotiating an aggressively priced loan that features prepayment flexibility."

The Left Bank, 3131 Walnut Street, was built in 1929. It is a six-story mixed-use property that was converted and gut-renovated in 2001. The building includes 282 apartments, 98,707 square feet of office space, 22,605 square feet of retail space and 259 parking spaces. It also has a rooftop deck, large landscaped inner courtyard, state-of-the-art fitness center and club and meeting rooms.

The property spans three acres in the University City neighborhood, adjacent to the University of Pennsylvania and Drexel University, and features frontage on Walnut Street, Chestnut Street and South 32nd Street. The property is a short walk to Center City, Amtrak's 30th Street Station and the I-76 highway interchange, and attractions like World Café Live, Penn Museum and Cira Center. 

"Meridian was able to quickly rate lock the loan at application to protect the sponsor from treasury volatility," says Beyderman. "Further, by coordinating efficiently with all parties to underwrite the ground lease structure and various income streams, we closed the loan in under 45 days."