NYCB Lends $155M on Philly Mixed-Use Tower

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PMC Property Group has sealed a $155 million debt package to refinance construction debt on a planned two-building mixed-use residential complex Riverwalk in its hometown of Philadelphia, Commercial Observer has learned.

New York Community Bank (NYCB) supplied the loan for PMC’s Riverwalk tower in Philadelphia’s Center City neighborhood. The loan has a 10-year term at an interest rate below 3 percent with an 18-month interest-only period.

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Meridian Capital Group’s David Fisher arranged the financing.

Located at 60 N. 23rd Street, Riverwalk will comprise 331 apartments with monthly rents that range from $1,655 for studios to $4,195 for two-bedrooms with a balcony. The 28-story tower’s amenities include terraces, a pool, a lounge, a fitness center and on-site parking.

The project, which is slated for completion next year, will also have 72,000 square feet of ground-floor retail space anchored by a two-story, 65,000-square-foot Giant Food Stores supermarket. 

Officials for NYCB and PMC did not immediately respond to requests for comment about the transaction. Meridian declined to comment. 

Andrew Coen can be reached at acoen@commercialobserver.com