Meridian Capital Group, America’s most active debt broker, arranged $10 million in financing for the refinance of the AF Bornot Dye Works Lofts luxury multifamily property located in Philadelphia, PA on behalf of MM Partners.
The seven-year loan, provided by a local balance sheet lender, features a competitive fixed rate of 3.50%. This transaction was negotiated by Meridian Senior Vice Presidents, David Fisher and Scott Jackson, who are both based in the company’s Iselin, NJ office.
AF Bornot Dye Works Lofts, located at 1626-44 Fairmont Avenue in the historic Fairmount neighborhood of Philadelphia, is a four-story, 17-unit luxury multifamily property. Originally constructed in 1901 by Baker & Dallett, the property was to serve as the corporate headquarters for AF Bornot Brothers Dye Works. Today this desirable apartment building features unique one-, two-, and three-bedroom loft apartments with a contemporary-style interior blended with history and an industrial component, features large windows and exposed original ceilings and columns. Each apartment has modern stainless steel kitchen appliances, large walk-in closets and a whirl pool bathtub. Building amenities include a fitness center and hot yoga studio, as well as private storage and parking.
“AF Bornot Dye Works Lofts combines modern and luxurious features with many exposed original details of the original factory, conveying supreme elegance and true livability, while offering close proximity to the best of what Philadelphia has to offer,” said Mr. Fisher. “This historic property was at the end of an extensive gut-rehabilitation when Meridian negotiated favorable terms well in advance of the lease-up,” added Mr. Jackson.
Founded in 1991, Meridian Capital Group is America’s most active debt broker and one of the nation’s leading commercial real estate finance advisory firms. In 2016, Meridian closed $35 billion in transaction volume. Since inception, the company has closed more than $270 billion in financing with the full complement of capital providers, encompassing local, regional and national banks, CMBS lenders, agency lenders, mortgage REITs, life insurance companies, credit unions and private equity funds. Meridian arranges financing for many of the world’s leading real estate investors and developers and the company’s expansive platform has specialized practices for a broad array of property types including office, retail, multifamily, hotel, mixed-use, industrial, healthcare, student housing and self-storage properties. Meridian is headquartered in New York City with offices in New Jersey, Maryland, Illinois, Ohio, Florida and California. www.meridiancapital.com