REBusinessOnline

Pennsylvania

Marcus & Millichap Negotiates $2.1M Sale of Apartment Building in Philadelphia

PHILADELPHIA — Marcus & Millichap has arranged the sale of an apartment building located at 1925-1927 Spring Garden St. in Philadelphia’s Spring Garden neighborhood. An undisclosed seller sold the property for $2.1 million. The building features 12 one-bedroom units. Mike Maxwell and Dana Newton of Marcus & Millichap represented the seller and procured the undisclosed buyer in the deal.

March 3, 2017

National Development Receives $57M Construction Loan for Residential Tower in Philadelphia

PHILADELPHIA — National Real Estate Development has secured a $57 million loan to finance the construction of a second residential tower within the East Market project in Philadelphia’s Center City. Wells Fargo & Co. provided the loan. Located at 1199 Ludlow St., the 20-story, 240-unit tower will be built above a two-story retail base. The 233,000-square-foot tower will feature one- and two-bedroom apartments, a lap pool, gym and on-demand fitness studio, an indoor playroom and outdoor..

March 2, 2017

M&J Wilkow, DRA Advisors Acquire 467,843 SF Office Tower in Pittsburgh

PITTSBURGH — M&J Wilkow, in a joint venture partnership with DRA Advisors, has acquired 11 Stanwix Street, an office tower located on the southwest edge of Pittsburgh’s Golden Triangle. The 24-story tower features 467,843 square feet of Class A office space. Commonwealth of Pennsylvania, KeyBank and HDR Engineering, among others, currently occupy the building. M&J Wilkow Properties will serve as the building’s manager, while JLL will represent the new ownership for all leasing activity...

February 28, 2017

CBRE Arranges $7.2M Sale of Retail Property in Lansdale, Pennsylvania

LANSDALE, PA — CBRE has brokered the sale of Tollgate Commons, a retail property located at 1650 Sumneytown Pike in Lansdale. A local developer sold the property to an undisclosed buyer for $7.2 million. At the time of sale, the 21,293-square-foot multi-tenant retail center was fully occupied. Matthew Gorman and Michael Shover of CBRE represented the seller, while Keller Williams Commercial represented the buyer in deal.

February 24, 2017

KeyBank Originates Acquisition Loan for Three-Property Seniors Housing Portfolio in Southeast Pennsylvania

SOUTHEAST PENNSYLVANIA — KeyBank Real Estate Capital’s Healthcare platform has arranged an acquisition loan for Baltimore-based Capital Health Group for the acquisition of a three-property seniors housing portfolio in Southeast Pennsylvania. Shortly after acquisition, Capital Health Group refinanced the acquisition/bridge loan through a series of three separate Fannie Mae financings originated by KeyBank’s Commercial Mortgage Group. The properties feature more than 500 units across the..

February 23, 2017

Harrison Street Real Estate Capital Acquires Two Medical Office Buildings in Philadelphia for $17M

PHILADELPHIA — Harrison Street Real Estate Capital has purchased two medical office buildings, located at 8001 and 8040 Roosevelt Blvd. in Philadelphia. An affiliate of George Comfort & Sons sold the properties, which total 86,000 square feet, for $17 million. The properties recently underwent renovations and were 94.7 percent leased at the time of sale. Thomas Jefferson University Hospital anchors the facilities. Ben Appel, Philip Mahler, Evan Kovac and Eric Anton of HFF represented the..

February 22, 2017

RED Capital Closes $31.7M Loan, Underwrites $39.7M in Tax-Exempt Bonds for Philadelphia Multifamily Property

PHILADELPHIA — RED Mortgage Capital, the mortgage banking arm of RED Capital Group, has closed a $31.7 million FHA Section 221(d)(4) loan and RED Capital Markets, the investment banking arm of RED Capital, underwrote $39.7 million of tax-exempt bonds for the rehabilitation of Courtyard at Riverview in Philadelphia. The borrower, The Michaels Organization, is redeveloping the multifamily property in partnership with the Philadelphia Housing Authority. The transaction was arranged in..

February 14, 2017

CBRE Arranges $10M Acquisition Loan for 120-Unit Community Near Philadelphia

LANSDALE, PA. — CBRE has arranged $10 million in financing for the acquisition of Spring Meadows of Lansdale, a 120-unit assisted living and memory care community in the Philadelphia suburb of Lansdale. A joint venture between Care Investment Trust and Greenfield Senior Living purchased the community and will change the name to Greenfield of Lansdale. The five-year, floating-rate loan includes 12 months of interest-only payments. A regional bank provided the capital. Aron Will, vice chairman..

February 14, 2017

Rittenhouse Realty Sells 40-Unit Student Housing Community in Philadelphia

PHILADELPHIA — Rittenhouse Realty Advisors has sold Chester Hall Apartments, a 40-unit student housing community located in the University City neighborhood of Philadelphia. The property is located near the University of Pennsylvania, Drexel University and University of the Sciences. The undisclosed buyer plans to implement a small-scale renovation at the property, which is over 98 percent leased for the current school year. 

February 14, 2017

Monticello Provides $9M Loan for Skilled Nursing Facility in Pennsylvania

CANONSBURG, PA. — Monticello Asset Management LLC has provided $9 million in first lien debt financing to Greenery Realty Group LLC, which will use the capital to acquire and renovate a skilled nursing facility in the Pittsburgh suburb of Canonsburg. The financing is a bridge-to-HUD loan for Greenery, a skilled nursing operator. The 140-bed facility was built in 1985 and renovated in 1995. Upon closing, the borrower implemented an initial construction project of $1.2 million and is currently..

February 13, 2017