Meridian Capital Group negotiated a $92.2 million mortgage for the purchase of the Towers at Wyncote, a multifamily property in Wyncote, Pa. on behalf of Lindy Property, a Pennsylvania-based owner and manager of residential properties, Mortgage Observer has first learned. The lender was New York Community Bank, a source close to the deal said. A representative for the bank did not immediately respond to request for comment.
The eight-year loan, which had an 80 percent LTV, has a fixed rate of 3.625 percent, according to a representative for Meridian. Meridian Senior Vice President David Fisher, who is based in the Iselin, New Jersey office, brokered the transaction.
The Towers at Wyncote are located at 8440 Limekiln Pike and were built in 1968. They were renovated in 2008. Lindy nabbed the towers from Fairfield Residential, a national apartment landlord based in San Diego, for an undisclosed sum closed at the end of April, according to published reports.
The three-tower multifamily community boasts more than 1,000 units and a movie theater, an outdoor swimming pool, a spa, tennis courts and a business center.
A representative for Lindy confirmed the loan amount and lender.