Thursday, February 1, 2018

Candlebrook Properties Secures Financing for 251 Dekalb

Candlebrook Properties secured a $110 million balance sheet financing for its five-building multifamily complex at 251 W. Dekalb Pike in King of Prussia, PA.

Abe Hirsch, Ronnie Levine and Akiva Friend of Meridian arranged the financing on behalf of the borrower. The 36-month loan, provided by a national debt fund, features a rate of 275 basis points over 30-day LIBOR and full-term interest-only payments.

"The quality and location of 251DEKALB dominated our conversations with lenders when we brought this transaction to market and allowed us to achieve a very efficient 36-month loan for this exceptional asset," said Hirsch.

Built in 1970 and renovated in 2015, the 651-unit apartment building features more than 800 parking spaces, a fitness center, pool and spa. Candlebrook Properties acquired the complex from Metropolitan Properties of America, Inc. in 2013 for $68 million.

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