Elliott Birnbaum & Joseph Akerman Of Meridian Capital Group Arrange $14.25M Refinance For Office In Wilmington
FINANCED
$14,250,000
Delaware
See Similar DealsOffice210,363 SF
Financed 05/19/2025
FINANCED
Elliott Birnbaum & Joseph Akerman Of Meridian Capital Group Arrange $14.25M Refinance For Office In Wilmington
824 North Market Street
See Similar DealsOffice210,363 SF
Financed 05/19/2025
Summary
DELAWARE
Asset Type:Office
Price Per Square Foot:$67
Total Square Footage:210,363 SF
Transaction Type:Loan
The property involved in the transaction is a 10-story Class A office building located at 824 North Market Street in Wilmington, DE, with a total square footage of 210,363. The refinance loan amount for this asset is $14,250,000.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $14,250,000
- Loan Type: Refinance
- Lender: Parke Bank
- Broker: Elliott Birnbaum & Joseph Akerman - Meridian Capital Group
- Date: 5/20/2025
Congratulations to Elliot Birnbaum, who successfully represented Meridian Capital Group on this refinance transaction. The deal highlights the prominence of the office tower within the Wilmington market.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$14,250,000.00
Monthly NOI$95,000.00
Monthly Debt Service$90,069.69
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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