PHILADELPHIA-Meridian CapitalGroup has arranged a $21.7million mortgage for Pantzer Propertiesto purchase a Sansom Street apartmentbuilding here.
The five-year loan, provided by a local balance sheet lender,carries a fixed 3.13% rate with interest-only payments for thefirst two years and 30-year amortization. This transaction wasnegotiated by Meridian's Drew Anderman, Alan Blankand David Bollag, who are all based in thecompany's New York City headquarters.
The 13-story building at 1601 Sansom St. has 80 units and 11,192square feet of ground-floor retail space. The units were previouslyleased and operated by Oakwood Corporate Housingas a short-term furnished corporate rental facility.
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