Abe Katz and Matt Pestronk of the New Jersey and Pennsylvania offices, respectively, of New York-based Meridian Capital Group secured the financing on 1616 Walnut St. from an unidentified lender. It is a non-recourse loan with a flexible prepayment penalty, according to the Meridian principals, who say they "beat substantial competition to structure and execute the deal."
The 24-story building, which has an attached five-story garage, was completed in 1930 and designated an historic site in 1983. It is the former home of Temple University's Center City campus, which vacated the building 24 months ago, leaving it 50% vacant.
The success of the refinancing transaction "is a testament to the ownership's commitment to the property over the long term and to Meridian's commitment to the Philadelphia marker," says Katz. Meridian has executed more than $1 billion in financing here over the past year, he reports.
Meridian is among the country's largest mortgage brokers. Working with lenders, it arranges a full menu of loans ranging from $500,000 to more than $500 million for multifamily, co-op, office, retail, hotel, healthcare, self-storage and industrial properties. It has offices in Maryland, Chicago and Florida in addition to New York, Pennsylvania and New Jersey.
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