Friday, April 8, 2016

Premier Properties Secures $55M Financing for Multifamily Purchase

Premier Properties has secured $55 million in financing for its $73.84 million purchase of three multifamily properties earlier this year.

Totaling 598,200 square feet and 710 units in Philadelphia, PA, the pet-friendly portfolio offers a mix of one- and two-bedroom apartments. Plans for the financing include a renovation project for interior features, and indoor and outdoor amenities, according to CoStar data.

Elliot Birnbaum of Meridian Capital Partners arranged the financing, which carries a seven-year term and five-year option.

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