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Candlebrook Properties has secured a major loan for a multifamily development in Philly's suburbs.
The New York-based developer obtained $110M in the form of a three-year loan from a national debt fund for its 251 DeKalb multifamily development. The financing was arranged by a Meridian Capital Group team of Abe Hirsch, Ronnie Levine and Akiva Friend.
Candlebrook completed the five-building, 641-apartment complex in King of Prussia early last year as a top-of-the-market, highly amenitized multifamily property to take advantage of the continued success of the King of Prussia Mall, and the emergent King of Prussia Town Center drew increased interest in the area while 251 DeKalb was under construction.
After the property delivered, Candlebrook announced the creation of a new venture, CB3, dedicated to affordable housing. While Managing Director Josh Levy has to fight for funding anywhere he can get it for his affordable projects, lenders showed serious interest in the luxe 251 DeKalb, according to Hirsch.
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