Natixis has provided $51 million in construction take-out financing to refinance The Fox Companies’ Phoenix Village Apartments in Phoenixville, Pa., Commercial Observer has learned.
Meridian Capital Group arranged the three-year balance sheet loan, which has a floating-rate of 2.75 percent over 30-day LIBOR and full-term interest-only payments. The brokerage declined to name the lender.
Phoenix Village Apartments is a four-story, 275-unit multifamily property with 20,000 square feet of retail on the ground floor. Located at 131 Bridge Street in Phoenixville, the property’s amenities include a residents’ lounge, a business center, a fitness center, a movie theater and an outdoor barbeque area.
“Meridian used its extensive network to identify a balance sheet lender that was comfortable funding the loan prior to full stabilization,” said Paul Gilbert, a senior vice president at Meridan, who negotiated the deal along with Jim Bologno and Scott Jackson. “This allowed for the borrower to take out the existing construction loan and execute a business plan that fit within their time frame.”
A spokeswoman for Natixis did not immediately return a request for comment. Officials at The Fox Companies could not immediately be reached.