PHILADELPHIA — Red Oak Capital Holdings has provided a $9.2 million bridge loan for Ridge Avenue Apartments, a 32-unit multifamily project in Philadelphia. The five-story building includes 8,000 square feet of ground-floor retail space and offers amenities such as a fitness center and a rooftop terrace, as well as off-street parking. The borrower, an affiliate of local development and management firm Vich Properties LLC, will use the proceeds from the two-year, interest-only loan to retire existing debt and complete construction of the project.
PHILADELPHIA — A partnership between Alterra IOS, a locally based investment firm specializing in industrial outdoor storage facilities, and Eco Materials has opened a $40 million soil remediation facility in South Philadelphia. The site spans roughly 6 acres at 6110 W. Passyunk Ave. The facility reclaims and repurposes sand, aggregate and construction waste through an advanced wet washing process, ultimately remediating and repurposing more than 85 percent of incoming materials back into the construction ecosystem for future use.
TINICUM TOWNSHIP, PA. — Cushman & Wakefield has arranged a $34 million loan for the refinancing of Airport Logistics Center, a 627,252-square-foot industrial facility located within the Philadelphia metro area. The property, which was 83 percent leased to 20 tenants at the time of the loan closing, consists of four buildings with clear heights ranging from 30 to 65 feet and three acres of outdoor storage space. John Alascio, Chuck Kohaut and Meredith Donovan of Cushman & Wakefield arranged the loan through private equity firm Blue Owl Capital on behalf of the borrower, a partnership between Ivy Realty and institutional investment firm Lubert-Adler.
BALA CYNWYD, PA. — Federal Realty Investment Trust (NYSE: FRT) and CBG Building Co. have topped out a 217-unit multifamily redevelopment project in Bala Cynwyd, a northwestern suburb of Philadelphia. The project, which represents the second phase of a larger redevelopment known as Bala Cynwyd on City Avenue, is a conversion of the former 120,000-square-foot Lord & Taylor department store into an apartment complex with 16,000 square feet of ground-floor retail space. Federal Realty received zoning approval for the project in February 2024 and broke ground a few months later. The company expects to complete construction of this phase next summer.
CAMP HILL, PA. — Rite Aid has filed for Chapter 11 bankruptcy in the U.S. Bankruptcy Court for the District of New Jersey and is exploring opportunities to be acquired by outside entities. The announcement marks the second time in 24 months that the Pennsylvania-based convenience and drugstore chain has filed for voluntary Chapter 11 bankruptcy protection. The previous filing in October 2023 preceded the closure of hundreds of stores across the country. The company did not explicitly say in this filing how many of its stores would be immediately impacted, only noting that it would “divest or monetize any assets that are not sold through the court-supervised process.” To facilitate a potential sale, Rite Aid has secured commitments from some of its existing lenders to access approximately $1.9 billion in new financing, which will be used to fund existing operations prior to and during a court-supervised sales process. According to USA Today, Rite Aid operated about 1,200 stores across 15 states at the time of the latest filing.
DALLAS — Newmark has arranged a $125 million loan for the refinancing of a portfolio of 19 self-storage properties that are primarily (13 facilities) located in Pennsylvania. The other six properties are scattered across Maryland, New Jersey, Indiana and Kentucky. Collectively, the portfolio totals roughly1.2 million net rentable square feet of space across nearly 10,000 units and has maintained an average occupancy rate of 91 percent over the past decade. Jonathan Firestone, Jordan Roeschlaub, Nick Scribani, Clint Frease, John Caraviello, Aaron Swerdlin and Andrew Warin of Newmark arranged the fixed-rate loan on behalf of the borrower, Dallas-based Rosewood Property Co. PGIM Real Estate provided the debt.
LANSDALE, PA. — Locally based investment firm Equus Capital Partners has purchased Jacobs Woods, a 230-unit apartment complex located in the northern Philadelphia suburb of Lansdale, for $73.1 million. Built on 37 acres in 1996, the garden-style property offers one-, two- and three-bedroom units across 33 townhome-style buildings. Erin Miller led the Newmark team that brokered the sale of Jacobs Woods, which was 98 percent occupied at the time of sale. The seller was not disclosed. The new ownership plans to upgrade unit interiors and amenity spaces.
PITTSBURGH — JLL has arranged a $67 million construction loan for 21 West, a 291-unit project in Pittsburgh. The site at 430 W. General Robinson St. is located within Pittsburgh’s primary entertainment district, with PNC Park, Acrisure Stadium, Rivers Casino and the Andy Warhol Museum all within walking distance. The project will comprise 313,000 rentable square feet across 11 stories. Units will come in studio, one- and two-bedroom floor plans. Residents will have access to amenities such as a sky bar on the 11th floor, rooftop deck with pool, concierge services, coworking space, fitness center and wellness suite. Nick Unkovic and Zach Barone of JLL arranged the four-year, floating rate loan through Dollar Bank on behalf of the developer, a joint venture between Oxford Development Co. and RDC.
POTTSTOWN, PA. — An affiliate of Pennsylvania-based investment firm High Real Estate Group has purchased the 154,219-square-foot Suburbia Shopping Center in Pottstown, about 40 miles northwest of Philadelphia. Built on 25.6 acres in 2003 and anchored by supermarket Giant Food, Suburbia Shopping Center was 85 percent leased at the time of sale. Other tenants include Dollar Tree, Starbucks, The UPS Store and Tower Health. Jim Galbally and Patrick Higgins of JLL represented the seller, Gambone Management Co., in the transaction.
PHILADELPHIA — The RMR Group, an alternative asset management company based in metro Boston, will develop a 477,500-square-foot industrial project in southwest Philadelphia. The site at 8800 Tinicum Blvd. is located across from Philadelphia International Airport, and the development will feature a clear height of 40 feet, ample car and trailer parking and an electrical capacity of 8,000 amps. Construction is expected to begin over the summer and to last 12 to 18 months. Avison Young has been appointed as the leasing agent.
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