Meridian Capital Group has arranged $53.5 million in senior and mezzanine loans to finance the development of a Pod Hotel in Philadelphia on behalf of Modus Hotels and the Parkway Corporation.
Morris Betesh, senior managing director at Meridian, director Phil Galligan and VP Alex Bailkin negotiated the 36-month loan. All three executives are based in the company’s New York headquarters.
The 11-story hotel will have 252 guestrooms in center city next to Rittenhouse Square. This latest Pod Hotel coming to Philadelphia will follow the recent opening of the Pod Times Square in New York, making the Philadelphia location the sixth hotel of the brand. The BD Hotels property in Times Square opened in February 2018 as the biggest Pod of the brand with 665 guestrooms, including 45 Pod Pad micro-apartments. The other four Pod Hotels are in New York–Pod BK, Pod 51 and Pod 39–and the POD DC in Washington, D.C.
This Pod Hotel loan also follows the more than 3,000 transactions Meridian closed across more than 200 lenders in 2017. The group sold approximately $1 billion in commercial property last year, as well.