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BENSALEM, PA-The group of foreign investors that owns Creekside Apartments at 2500 Knights Rd. obtained a $68-million loan for refinancing the 1,026-unit, 172-building garden-style complex. It was built in the 1970s and is approximately 97% occupied.
Abe Katz, managing director, and David Fisher, a loan officer in the Iselin, NJ office of New York City-based Meridian Capital Group LLC, arranged the financing. "We were able to secure a rate of 5.11% with five years interest-only for a 10-year term," Katz tells GlobeSt.com. The lender is Germany-based Euro-Hypo.
The complex contains studio and one- and two-bedroom units. According to its website, the average rental rate for a two-bedroom, one-bath unit is $824 a month. The property in Bucks County just north of Philadelphia is located near the 1.8-million-sf Franklin Mills Mall outlet center, Bensalem Country Club and the Brookwood Shopping Center.
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