REBusinessOnline

Post Brothers Underway on 1,144-Unit Multifamily Project in Philadelphia

PHILADELPHIA — Locally based multifamily developer Post Brothers is underway on construction of Piazza Terminal, a three-building, 1,144-unit multifamily project in the Northern Liberties neighborhood of Philadelphia. The transit-oriented development, which is slated for completion in December 2022, will also include retail and open green space. Piazza Terminal will offer amenities such as a fitness center and a dog park. BKV Group is the project architect, and Bohler is the civil

South Atlantic Packaging Signs 133,055 SF Industrial Lease in Reading, Pennsylvania

READING, PA. — North Carolina-based South Atlantic Packaging Corp. has signed a 133,055-square-foot industrial lease at 1091 Arnold Road in the Eastern Pennsylvania city of Reading. CBRE represented the landlord, an affiliate of Link Logistics Real Estate, in the lease negotiations. Del Markward of Markward Group represented the

Naftali Credit Partners Provides $10M Mezzanine Loan for Philadelphia Multifamily Project

PHILADELPHIA — Naftali Credit Partners, a debt fund and subsidiary of global investment firm Naftali Group, has provided a $10 million mezzanine loan for a multifamily project that is under construction at 4224 Baltimore Ave. in Philadelphia. The six-story property will be located in the University City neighborhood will consist of 132 units and 19,000 square feet of retail space. The borrower and developer is New York City-based Thylan

CBRE Negotiates 44,000 SF Life Sciences Headquarters Lease in Philadelphia

PHILADELPHIA — CBRE has negotiated a 44,000-square-foot life sciences headquarters lease for biotechnology firm Biomeme at 401 N. Broad St. in Philadelphia. The new headquarters includes space for lab, office and manufacturing uses. Christian Dyer of CBRE represented the landlord, Netrality Data Centers, in the lease negotiations. The representative of the tenant was not disclosed. Since acquiring the 11-story building in 2014, Netrality Data Centers has invested for more than $50 million in …

KeyBank Provides $23M in Financing for Affordable Seniors Housing Project Near Pittsburgh

CANONSBURG, PA. — KeyBank’s Community Development Lending & Investment (CDLI) division has provided $23 million in financing for the construction of an affordable seniors housing project in Canonsburg, located about 20 miles south of Pittsburgh. The financing consisted of an $11 million construction loan and $12 million in low-income housing tax credit (LIHTC) equity. The Pennsylvania Housing Finance Agency also provided a $1.3 million permanent loan. The borrower is a partnership …

Capitol Seniors Housing Opens 88-Unit Community Near Philadelphia

WEST WHITELAND TOWNSHIP, PA. — Capitol Seniors Housing has opened Arbor Terrace Exton, an 88-unit seniors housing community in West Whiteland Township, about 30 miles west of Philadelphia. The 78,000-square-foot facility offers personal and memory care services. Amenities include a bistro, clubroom, library with children’s nook, salon, theater and a multi-purpose art room. Meyer Senior Living Studio designed the project, and IMC Construction served as the general

PIDC, Ensemble, Mosaic to Build 220,000 SF Life Sciences Project at Philadelphia Navy Yard

PHILADELPHIA — PIDC, in partnership with Ensemble Real Estate Investments and Mosaic Development Partners, will build a 220,000-square-foot life sciences project at the Philadelphia Navy Yard. The two-building project is part of the $400 million Phase I of a $2.5 billion expansion at the 7.5 million-square-foot mixed-use development. The building at 1201 Normandy Place will span 100,000 square feet of lab, office and research and development space. The building at 33 Rouse Blvd. will total …

JLL Arranges $220M Construction Loan for Downtown Philadelphia Healthcare Project

PHILADELPHIA — JLL has arranged a $220 million construction loan for a 452,000-square-foot healthcare project that will be located at 1101 Chestnut St. in downtown Philadelphia’s Center City district. Jefferson Health will occupy the 19-story ambulatory clinic, which is expected to be complete in the first quarter of 2024. Chad Orcutt and Jim Galbally of JLL arranged the debt through a syndicate of banks on behalf of the development team, a joint venture between National Real Estate …

Montecito Medical Buys 20,650 SF Ambulatory Surgery Center Near Pittsburgh

CRANBERRY TOWNSHIP, PA. — Montecito Medical, a Nashville-based healthcare investment firm, has purchased The Surgery Center at Cranberry, a 20,650-square-foot ambulatory surgery center near Pittsburgh. The two-story building was built in 2003 and was fully leased to Scott & Christie Eyecare Associates at the time of sale. The first floor houses three operating rooms, two procedure rooms, one laser room and 15 pre- and post-operative pods. Clinical and office spaces are located on the …

American Real Estate Completes $15M Renovation of Philadelphia Office Tower

PHILADELPHIA — American Real Estate Partners (AREP) has completed the $15 million renovation of 1600 Market Street, a 39-story, 825,968-square-foot office tower in Philadelphia’s Center City neighborhood. According to LoopNet Inc., the property was built in 1980 and initially renovated in 1997. The project included a number of health and wellness upgrades, such as elevating exterior air settings to maximize HVAC exchanges of fresh air, using MERV 13 air filters throughout and installing …

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