New Jersey-based Premier Properties and Management Associates landed a $55.4 million financing package from New York Community Bank to fund its purchase of a 710-unit multifamily portfolio in Philadelphia, a source with intimate knowledge of the deal told Commercial Observer.
The debt package is comprised of three loans, each of which carries a fixed interest rate of 3.63 percent over a seven-year term. NYCB also provided five-year extension options on each of the loans.
Meridian Capital Group Managing Director Elliott Birnbaum of the brokerage’s New York City office arranged the transaction.
Premier Properties recently acquired the three-building portfolio from The Carlyle Group, the source confirmed. The amount of the sale was not disclosed.
The properties include the Winchester Walk Welsh apartments at 2600 Welsh Road, its sister property Winchester Walk Roosevelt at 7901 Roosevelt Boulevard and the Rushwood Apartments located at 10825 East Keswick Road.
Representatives for NYCB and Premier Properties did not immediately respond to requests for comment.