JV PURCHASES DISTRESSED PHILADELPHIA APARTMENT

by admin

PHILADELPHIA — A joint venture between Philadelphia-based Resource Real Estate and a private hedge fund has purchased the whole mortgage loan of School Lane House Apartments, a 338,546-square-foot mixed-use property with 494 residential units and 12 retail units. The two-building, 11-story property is located at 5450 Wissahickon Ave. in Philadelphia’s East Falls area and includes a fitness center and parking garage. Mark Thomson and Zachary Pierce of Marcus & Millichap represented the seller, an East Coast commercial bank, and procured the joint venture.

You may also like