Parkway Corp. has received $187 million in construction and mezzanine financing and equity for the ground-up construction of a class A office property in Philadelphia.
The 19-story development is a build-to-suit for law firm Morgan, Lewis, and Bockius. When completed, its amenities will include a 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.
“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 pre-eminent developers continuing to tran
