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New York Community Bank Provides $155M Construction Loan For Development Site In Philadelphia

60 North 23rd Street
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This Development Site property located in PA received a loan of $155,000,000 over 2 years ago. The broker of the deal was David Fisher

A development site located at 60 N. 23rd Street in Philadelphia has secured a construction loan. The loan, provided by New York Community Bank (NYCB), amounts to $155,000,000. It is a 10-year term loan with an interest rate below 3 percent. There is an 18-month interest-only period for the loan. The loan will be used for the development of the property.

Summary of transaction details

  • Property Type: Development Site
  • Transaction Amount: $155,000,000
  • Lender: New York Community Bank (NYCB)
  • Landlord: PMC Property Group
  • Broker: David Fisher - Meridian Capital Group

David Fisher from Meridian Capital Group represented the buyer in the loan transaction. The property is owned by PMC Property Group, and they will be responsible for the development of the site. The loan, with favorable terms, will provide the necessary funding for the construction project.

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Deals
  • Location
    60 North 23rd Street, Philadelphia, PA, USA60 North 23rd Street, Philadelphia, PA, USA
  • Loan Value
    $155,000,000$155,000,000
  • Asset Type
    Development SiteDevelopment Site
  • Parties
    1 Broker, 1 Agency, 1 Lender1 Broker, 1 Agency, 1 Lender

Agent

David Fisher

David Fisher

Deals1
Financed$155M

Agency

Meridian Capital Group

Meridian Capital Group

Agency
Deals2403
Volume$65.9B

New York Community Bank

New York Community Bank

Lender
Deals87
Volume$ 316.6B

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Deal Summary

LOAN IMAGE: Ron Caplan DATE: 10/12/2021 ADDRESS: 60 N. 23rd Street MARKET: Philadelphia ASSET TYPE: Development Site LENDER: New York Community Bank (NYCB) LANDLORD: PMC Property Group BROKER: David Fisher - Meridian Capital Group LOAN AMOUNT: $155,000,000 LOAN TYPE: Construction LOAN TERMS: 10-year term at an interest rate below 3 percent with an 18-month interest-only period.

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60 North 23rd Street

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