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ALLENTOWN, PA-A local investor obtains a $15-million acquisition loan to buy the 449-unit Addison Apartment complex at 1975 Mack Blvd. and plans a “turnaround” of the complex, Abe Katz, managing director of the Iselin, NJ office of New York City-based Meridian Capital Group LLC, tells GlobeSt.com.

Katz and Russ Drebin, a loan officer in the same Meridian location, arranged the loan through De Moines-based Principal Capital Real Estate Investors. The loan is for a 10-year term at an interest rate of 5.29%.

While he declined to identify either the buyer or the seller, Katz says, the borrower owns significant property in Allentown. “The new owner plans significant capital improvements to turn the aging asset around.”

The property is a garden-style complex of two-story buildings and it is currently approximately 65% occupied, according to Katz. It will remain a rental property,

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