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..
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.
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...
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.
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..
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..
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..
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..
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.
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..