January 7, 2010, 2:07pm EST
Korman Residential refinances Meadowbrook Apartments
by Natalie Kostelni Staff Writer
Korman Residential Properties Inc. lined up $37 million to refinance Meadowbrook Apartments, a complex it owns off Huntingdon Pike in Huntingdon Valley.
Korman Residential secured the loan from Meridian Capital Group. The seven-year fixed term loan has a 30-year amortization schedule at a rate of 5.33 percent and was structured and executed under a very strict timeline to allow the sponsor to take advantage of an early exit offer from the existing financing in place, according to Meridian. Meadowbrook has 532 apartments and an 18-hole golf course and Olympic size pool, among other amenities.