{"id":1004232122,"date":"2018-05-25T04:29:45","date_gmt":"2018-05-25T12:29:45","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004232122"},"modified":"2022-12-07T20:28:51","modified_gmt":"2022-12-08T04:28:51","slug":"meridian-arranges-13m-refi-for-core-philly-asset","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/meridian-arranges-13m-refi-for-core-philly-asset\/","title":{"rendered":"Core Philly Asset Scores $13M Refi"},"content":{"rendered":"<p>By Tudor Scolca<\/p>\n<div id=\"attachment_1004232124\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/05\/Windsor-Suites-e1527247300777.jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004232124\" data-attachment-id=\"1004232124\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/meridian-arranges-13m-refi-for-core-philly-asset\/windsor-suites\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/05\/Windsor-Suites-e1527247300777.jpg\" data-orig-size=\"768,576\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Windsor Suites\" data-image-description=\"&lt;p&gt;Windsor Suites at 1700 Benjamin Franklin Parkway&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;Windsor Suites at 1700 Benjamin Franklin Parkway&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/05\/Windsor-Suites-e1527247300777.jpg?w=768\" class=\"wp-image-1004232124 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/05\/Windsor-Suites-e1527247300777.jpg\" alt=\"Windsor Suites at 1700 Benjamin Franklin Parkway\" width=\"300\" height=\"225\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/05\/Windsor-Suites-e1527247300777.jpg 768w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/05\/Windsor-Suites-e1527247300777.jpg?resize=300,225 300w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004232124\" class=\"wp-caption-text\">Windsor Suites<\/p><\/div>\n<p>Meridian Capital Group has arranged $13 million in refinancing for Windsor Suites, a mixed-use hotel and multifamily property in downtown Philadelphia.<\/p>\n<p>The seven-year loan was provided by a balance sheet lender and has a 3.75 percent rate. Meridian\u2019s David Fisher and Scott Jackson, senior vice presidents, arranged the funds on behalf of Edward S. Brown Group.<\/p>\n<p>\u201c<em>The borrower was looking for flexibility that CMBS lenders and life companies weren\u2019t able to offer. Meridian identified a balance sheet lender that appreciated the sponsorship\u2019s long-term ownership of the asset and could provide a fixed-rate loan, locked at application, with a flexible prepayment penalty and no reserve structure,<\/em>\u201d said Jackson in a prepared statement.<\/p>\n<h2>Community highlights<\/h2>\n<p>Windsor Suites is located at 1700 Benjamin Franklin Parkway, in <a href=\"https:\/\/www.commercialsearch.com\/news\/hff-arranges-160m-sale-loan-for-philly-office-tower\/\">Philadelphia\u2019s Center City<\/a>. The 24-story tower comprises 196 hotel rooms and 120 unfurnished apartments. Hotel suites range from 485 to 900 square feet, while the unfurnished units are between 500 and 990 square feet. Common-area amenities include 24-hour concierge services, 24-hour fitness studio, seasonal rooftop pool, laundry facilities, business center and newly revamped meeting rooms. Windsor Suites also includes a 5,000-square-foot commercial component, currently leased to a law firm, as well as two restaurants.<\/p>\n<p>Benjamin Franklin Parkway is one of Philadelphia\u2019s most important corridors, with immediate access to Center City\u2019s destinations. Retail, dining and entertainment can be found nearby. Train and subway stations provide transportation around other areas of the metro, along with interstates 76, 676 and 95.<\/p>\n<p><em>Image via Google Street View<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The 24-story hotel and residential tower is situated in Center City. Meridian obtained the loan from a balance sheet lender.<\/p>\n","protected":false},"author":1284,"featured_media":1004232124,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21825,21752,21742,10,1494],"tags":[33375],"class_list":["post-1004232122","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-finance","category-mixed-use","category-latest","category-northeast","category-philadelphia","tag-meridian-capital-group"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Core Philly Asset Scores $13M Refi - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/meridian-arranges-13m-refi-for-core-philly-asset\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Core Philly Asset Scores $13M Refi\" \/>\n<meta property=\"og:description\" content=\"The 24-story hotel and residential tower is situated in Center City. 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He joined CPE and MHN in 2017 and is passionate about doing research for the two publications. He is responsible for data center and industrial coverage on CPE, writing seasonal metro reports on multifamily, interviews and features, as well as occasionally editing news stories.\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/author\/tudor-scolca\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Core Philly Asset Scores $13M Refi - Commercial Property Executive","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.commercialsearch.com\/news\/meridian-arranges-13m-refi-for-core-philly-asset\/","og_locale":"en_US","og_type":"article","og_title":"Core Philly Asset Scores $13M Refi","og_description":"The 24-story hotel and residential tower is situated in Center City. 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