REBusinessOnline

Pennsylvania

Joint Venture Breaks Ground for 319-Unit Apartment Property in Pittsburgh

PITTSBURGH — High Street Residential and Northwestern Mutual have broken ground for Glasshouse, a five-story, Class A residential mixed-use building located in Pittsburgh’s historic glassmaking district. Slated for completion in summer 2019, the property will feature 319 apartments in a mix of studio, one-, one+den, and two-bedroom units ranging in size from 665 square feet to 1,200 square feet. Additionally, the property will offer ground-floor restaurant retail space and 335 indoor..

December 14, 2017

HREC Brokers Sale of Courtyard by Marriott in Wilkes-Barre, Pennsylvania

WILKES-BARRE, PA. — HREC Investment Advisors has arranged the sale of the Courtyard by Marriott located at 879 Schechter Drive in Wilkes-Barre. Kingston Hotel Partners sold the 106-room hotel for an undisclosed price. Ketan Patel, Mark von Dwingelo and Mark Rousseau of HREC represented the seller in the deal. The name of the buyer was not released.

December 13, 2017

Endurance Real Estate Buys 240,358 SF Warehouse Portfolio in Fairless Hills, Pennsylvania

FAIRLESS HILLS, PA. — An affiliate of Endurance Real Estate Group and Thackeray Partners has acquired Penn Warner Industrial Park, a four-building warehouse and distribution portfolio located in Fairless Hills, for an undisclosed price. An undisclosed institutional seller sold the portfolio, which totals 240,358 square feet. Constructed between 1968 and 1970, the properties feature at least 24-foot clear ceiling heights and one dock door per 6,000 square feet. Michael Hines, Brian Fiumara,..

December 12, 2017

Capital Funding Negotiates $25.5M Bridge-to-HUD Loan for Skilled Nursing Facility in Pennsylvania

WASHINGTON, PA. — Capital Funding Group, a Baltimore-based lender, has closed a $25.5 million bridge-to-HUD loan for the acquisition of Washington County Health Center, a skilled nursing facility in the Pittsburgh suburb of Washington. Craig Casagrande of Capital Funding originated the loan. No further details were disclosed.

December 6, 2017

Equus Sells 308-Unit Apartment Community Near Philadelphia for $64.5M

UPPER GYWNEDD, PA. — Equus Capital Partners has completed the disposition of Madison Willowyck, an apartment community located in Upper Gywnedd, a suburb of Philadelphia. New Jersey-based Friedman Realty Group acquired the property for $62.5 million. At the time of sale, the community was 96 percent occupied. Erin Miller and Marybeth Farris of Jones Lang LaSalle represented the seller in the deal. Built in 1972 on 28 acres, the garden-style apartment community features 308 apartments in a mix..

December 5, 2017

Harbor Group Affiliate Acquires 9,677-Unit Multifamily Portfolio for $1.8B

NORFOLK, VA. — An affiliate of Harbor Group International (HGI) has acquired a portfolio of 25 multifamily properties totaling 9,677 units across five major metropolitan areas for $1.8 billion. The sellers were affiliates of Lone Star Funds. The transaction, which closed on Nov. 30, is HGI’s largest to date and increases the value of its investment portfolio from approximately $5.2 billion to $7.1 billion. The properties, which boast a collective occupancy rate of 95 percent, are..

December 4, 2017

Henderson Group Acquires Five Office Buildings in Newtown Square, Pennsylvania, for $42M

NEWTOWN SQUARE, PA. — The Henderson Group has purchased five office buildings located in Newtown Square from Brandywine REIT for $42 million. The five properties are located on Campus Boulevard at the intersection of West Chester Pike and Route 252. All but one of the buildings, 17 Campus Blvd., are currently occupied. The buyer is actively pursuing new tenants for the two-story, 50,000-square-foot office building.

December 1, 2017

HJ Sims Arranges $4M HUD Refinancing for Skilled Nursing Facility in Pennsylvania

GARNET VALLEY, PA. — Sims Mortgage Funding, a subsidiary of HJ Sims, has arranged a $4 million loan for Naamans Creek Country Manor, a 90-bed skilled nursing facility in Garnet Valley, located near the Delaware border between Philadelphia and Wilmington. An affiliate of The Guardian Foundation, a nonprofit owner-operator, owns the property. The fixed-rate HUD loan pre-pays the property’s existing 30-year, tax-exempt bonds. The loan also funded a capital reserve and escrows for future..

December 1, 2017

MCR Purchases Hilton Garden Inn in Allentown, Pennsylvania, for $15M

ALLENTOWN, PA. — MCR has acquired the Hilton Garden Inn Allentown West, located at 230 Sycamore Road in Allentown, for $15 million. The 111-room hotel features an indoor pool, a fitness center, free Wi-Fi, 1,330 square feet of meeting space, The Great American Grill, a 24-hour business center and a 24-hour Pavilion Pantry. Guest rooms offer spacious work areas, 42-inch flat-screen televisions and coffeemakers. The name of the seller was not released.

November 29, 2017

Ten Capital Management Sells Interest in Miracle Mile Retail Center in Metro Pittsburgh

MONROEVILLE, PA. — Ten Capital Management has sold its limited partnership interest in Miracle Mile Retail Center in Monroeville, located 13 miles east of Pittsburgh. M&J Wilkow in a joint venture with ALTO Real Estate Funds acquired the interest in the 299,894-square-foot regional power center. At the time of sale, the property was 98 percent occupied by a variety of tenants, including LA Fitness, Marshalls, PNC Bank, DSW, Old Navy and OfficeMax. The general partner in the interest..

November 27, 2017