Liberty Star Management Secures $11.15 Million Construction Loan For Multifamily Development In Philadelphia

A construction loan has been arranged for a multifamily asset located at 6327 Musgrave Street in Philadelphia, PA. The loan amount totals $11,152,100, with a financing structure featuring a floating rate at 9.85%. The property consists of 67 units and falls under the multifamily asset type. The loan is set at 75% loan-to-cost (LTC) based on SOFR + 575.

Summary of transation details:

• Property Type: Multifamily
• Transaction Amount: $11,152,100
• Lender: Genesis Capital
• Landlord: Shimon Shain & David Badouch - Liberty Star Mgmt
• Brokers: Michael Zborowski, Bryan Geffen & Zachary Grossman - Meridian Capital Group
• Loan Type: Construction
• Loan Terms: SOFR +575 75% LTC

Meridian Capital Group played a key role in arranging the financing for Liberty Star Management’s multifamily development. The sponsorship achieved closure of the transaction with minimal equity contribution, indicative of effective management and negotiation by the involved parties.