THREE-PROPERTY APARTMENT PORTFOLIO REFINANCED IN PA.

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BETHLEHEM, PA. — The Solomon Organization has procured a $27.85 million loan to refinance three of its multifamily properties in Bethlehem. The portfolio comprises the 176-unit Meadows at Leigh, the 156-unit Hills at Leigh and the 80-unit Waters Edge. All three properties have been upgraded in the past five years. The loan carries a fixed interest rate, a 7-year term, a 30-year amortization schedule, 2 years of interest-only payments and 6.5 years of yield maintenance. Beech Street Capital arranged the loan through Freddie Mac. Meridian Capital Group originated the financing.

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