Galman Group Refinances Several PA Properties
By: Brenda Stokes
on Wednesday, May 23, 2012
The Galman Group is in the process of bringing more money into several Philadelphia properties today after refinancing four different buildings for $68 million.
All four buildings make up 1,106 separate units. The four different properties were Sedgwick Station, North Lane, Buckingham Place, and Castlebrook, which are located in Philadelphia, Conshohocken, Newark, and New Castle and consist of 93, 101, 278, and 634 units, respectively.
The Galman Group worked through this agreement with Beech Street Capital. All four different loans' terms would be up at different times next year. Beech Street Capital was able to use the current low interest rates available to set up the refinancing for next year, now. This way they won't be responsible for prepayment penalties and get to secure the current rates for next year.