Société Générale Supplies $47M Refi for Suburban Philly Apartments

BY ANDREW COEN DECEMBER 17, 2024 2:29 PM

Residential Management has secured a $47 million loan to refinance a garden apartment complex in the suburbs north of Philadelphia, Commercial Observer has learned.

Société Générale provided the 10-year commercial mortgage-backed securities (CMBS) loan on the sponsorship’s Aspen Grove Apartments in Warminster, Pa. The deal includes an all-in interest rate of 6.53 percent and full-term, interest-only payments, according to Meridian Capital Group, which arranged the transaction. 

Located at 120 East Street Road in Bucks County 19 miles from Downtown Philadelphia, Aspen Grove Apartments consists of 465 units ranging in size from one to three bedrooms. Community amenities include a clubhouse, pool and fitness center.

Meridian facilitated the loan with a team led by Avi Weinstock, Chesky Klein and Dovid Kaufman. 

Weinstock, executive vice president at Meridian, said in a statement that the transaction shows the “strength” and expertise” of Residential Management as a sponsor. 

Officials at Société Générale and Residential Management did not immediately return a request for comment.

Andrew Coen can be reached at acoen@commercialobserver.com. 

Source: Commercial Observer