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$53.5M Financing Arranged for Philly’s Pod Hotel Construction
Modus Hotels and the Parkway Corporation secured $53.5 million in financing for the construction of a Pod Hotel in Philadelphia, PA. The package of senior and mezzanine financing was arranged by Meridian Capital Group.
The 36-month, non-recourse construction loan was negotiated by Meridian’s Morris Betesh, Phil Galligan and Alex Bailkin, all based in the company’s New York City headquarters.
Modus Hotels’ Adam Gollance says, “This is evidence that good deals, with good sponsors, can get done in this difficult construction financing environment. We are looking forward to building on the momentum of the DC Pod, by opening the Philadelphia Pod.”
Located at 31 South 19th St., the 11-story, 252-room property will be in the heart of Center City, adjacent to Rittenhouse Square. The Pod concept targets an increasing segment of hotel guests seeking to stay in stylish boutique hotels in prime locations at competitive rates.
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Financing
- ◦Development
