Meridian Capital Group, America’s most active dealmaker, arranged $187 million in construction and mezzanine financing and equity for the ground-up construction of a class-A office property in Philadelphia, PA on behalf of Parkway Corporation.

The senior loan was provided by balance sheet lenders, while the mezzanine loan and equity were provided by ACORE, a leading commercial real estate finance company, on behalf of some of their managed accounts. This transaction was negotiated by Meridian Senior Managing Directors, Morris Betesh and Ronnie Levine, Director, Phil Galligan, Senior Vice President, Thomas Wayda, and Vice President, Omar Ferreira, who are all based in the company’s New York City headquarters.

“It was an honor to be a part of such a landmark transaction in the city of Philadelphia. The financing featured a multiple bank syndicate, arranged by Meridian, as well as mezzanine debt and a preferred equity component. Needless to say, we had to thread a needle throughout the COVID crisis, however our lenders and capital partners stood by us the whole way, which is a testament to the quality of this project. With this closing, Parkway continues to cement itself as one of the preeminent developers continuing to transform the city of Philadelphia,” said Mr. Betesh.

Located at 2222 Market Street in the vibrant Center City neighborhood of Philadelphia, PA, the built-to-suit trophy office development will be tenanted by Morgan, Lewis, and Bockius LLP, a top global law firm, standing 19 stories across more than 305,000 square feet when complete. The property will be built to meet LEED Gold standards and will feature amenities including a state-of-the-art 3,500 square foot fitness center with showers and locker room facilities, a 50-space below-grade private parking garage, and a penthouse and rooftop terrace.

The property benefits from its unparalleled location in the heart of Philadelphia’s central business district, offering close proximity to shopping, dining, and area attractions such as City Hall and the new Comcast headquarters in addition to unmatched commuter access with Suburban Station, 30th Street Station, and the 22nd Street trolley station all within walking distance.

About Parkway Corporation

Parkway Corporation is a real estate developer, investor and best-in-class parking operator. Founded and headquartered in Philadelphia, Parkway Corporation has been an industry leader for over 90 years in combining operational excellence and innovative technology to deliver exceptional products and customer experiences. More information about the company is available at www.parkwaycorp.com.

About Meridian Capital Group

Founded in 1991, Meridian Capital Group is America’s most active dealmaker and one of the nation’s leading commercial real estate finance, investment sales and retail leasing advisors. In 2019, Meridian closed over $40 billion in financing across more than 250 unique lenders. Meridian represents many of the world’s leading real estate investors and developers and the company’s expansive platform has specialized practices for a broad array of property types including office, retail, multifamily, hotel, mixed-use, industrial, and healthcare and senior housing properties. Meridian is headquartered in New York City with offices in New Jersey, Maryland, Illinois, Ohio, Florida, and California.