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national   /   August 12, 2020

Paul Bubny
By: Paul Bubny

Meridian Arranges $187M Construction Debt for Philly Offices

Meridian Capital Group arranged $187 million in construction and mezzanine financing and equity for the ground-up construction of a Class-A office property in Philadelphia on behalf of Parkway Corporation. The 19-story development is a build-to-suit for law firm Morgan, Lewis, and Bockius LLP.
 
The senior loan was provided by balance sheet lenders, while the mezzanine loan and equity were provided by ACORE on behalf of some of its managed accounts. The transaction was negotiated by Meridian senior managing directors Morris Betesh and Ronnie Levine, director Phil Galligan, SVP Thomas Wayda and VP Omar Ferreira, all based in the company’s New York City headquarters.
 
“The financing featured a multiple bank syndicate, arranged by Meridian, as well as mezzanine debt and a preferred equity component,” said Betesh. “Needless to say, we had to thread a needle throughout the COVID crisis; however, our lenders and capital partners stood by us the whole way.”
 
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Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism.
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