Pennsylvania

Walker & Dunlop Arranges $53.8M Construction Loan for Philadelphia Industrial Project

by Taylor Williams July 25, 2024

PHILADELPHIA — Walker & Dunlop (NYSE: WD) has arranged a $53.8 million construction loan for PhilaPort Logistics Center, a 282,250-square-foot industrial project in Philadelphia. The 15-acre site at 3060 S. 61st St. is located approximately three miles from Philadelphia International Airport and six miles from the Packer Avenue Marine Terminal. PhilaPort Logistics Center will feature a rear-load configuration, a clear height of 40 feet, 135-foot truck court depths, 50 exterior dock doors, two drive-in doors, 5,000 square feet of office space and parking for 187 cars and 72 trailers. Aaron Appel, Jonathan Schwartz, Keith Kurland, Adam Schwartz and Michael Ianno of Walker & Dunlop arranged the financing through ACORE Capital. The borrower was New York City-based DH Property Holdings. Construction is slated for a third-quarter 2025 completion.

July 25, 2024

Acquisitions Northeast Pennsylvania Retail

Legacy Realty Arranges $4M Sale of Metro Philadelphia Shopping Center

by Taylor Williams July 23, 2024

WILLINGBORO, N.J. — Regional brokerage firm Legacy Realty Group Advisors has arranged the $4 million sale of Kennedy Plaza, a 58,900-square-foot shopping center in Willingboro, roughly 20 miles outside Philadelphia. An unspecified grocery store anchors the property. Jacob Baruch, Jonah Warshaw and Ari Warshaw of Legacy Realty represented the buyer in the transaction. Blaine Foreman of Metro Commercial Real Estate represented the seller. Both parties requested anonymity.

July 23, 2024

Loans Multifamily Northeast Pennsylvania Student Housing Top Stories Walker & Dunlop

Walker & Dunlop Provides $285.5M Refinancing for Two Student Housing Properties at Temple University in Philadelphia

by Kristin Harlow July 22, 2024

PHILADELPHIA — Walker & Dunlop Inc. has provided a $285.5 million loan for the refinancing of Vantage and The View at Montgomery, two student housing properties located on Temple University’s campus in Philadelphia. The Class A communities total 1,816 beds. Completed in 2019, Vantage rises 19 stories with 368 units. The property features more than 30,000 square feet of amenity space, retail offerings and floor plans ranging from studios to four bedrooms. Opened in 2014, The View at Montgomery includes 238 units and is located in the center of Temple University’s main campus. The 14-story building features studios through four-bedroom layouts. The Goldenberg Group acquired the site for Vantage and The View at Montgomery in 2008 as part of a multi-phase student housing project to bring much-needed rental product to Temple University. Walker & Dunlop’s multifamily finance and capital markets teams originated the seven-year, fixed-rate loans through Freddie Mac on behalf of The Goldenberg Group. Additionally, Walker & Dunlop Investment Partners (WDIP) provided a preferred equity investment as part of the refinancings. “In the face of macro headwinds stemming from the financial crisis, the COVID pandemic and nationwide enrollment pressure, the student housing sector has proven its resiliency time and …

July 22, 2024

Affordable Housing Development Loans Multifamily Northeast Pennsylvania

Berkadia Arranges $12.8M in LIHTC Equity Financing for Affordable Housing Project in Annville, Pennsylvania

by Taylor Williams July 19, 2024

ANNVILLE, PA. — Berkadia has arranged $12.8 million in Low-Income Housing Tax Credit (LIHTC) equity financing for Carmany Place Apartments, a 48-unit affordable housing project in Annville, an eastern suburb of Harrisburg. The property will consist of three buildings with 30 two-bedroom units and 18 three-bedroom units that will be reserved for households earning between 20 and 80 percent of the area median income. Brian Blanchard of Berkadia secured the equity on behalf of the sponsor, Völker Development. Fulton Bank purchased the tax credits and also provided construction debt for the project.

July 19, 2024

Acquisitions Multifamily Northeast Pennsylvania Seniors Housing Walker & Dunlop

Walker & Dunlop Brokers Sale of 146-Unit Seniors Housing Property in Bucks County, Pennsylvania

by Taylor Williams July 16, 2024

BUCKS COUNTY, PA. — Walker & Dunlop has arranged the sale of a 146-unit seniors housing property in Bucks County. The unnamed property, which was developed in 2022 and is located about 30 miles north of Philadelphia, offers independent living, assisted living and memory care services. The buyer was a public healthcare REIT. The seller and sales price were not disclosed. Joshua Jandris, Mark Myers and Brett Gardner led the Walker & Dunlop team on the transaction.

July 16, 2024

Acquisitions Northeast Office Pennsylvania

Coldwell Banker Brokers $14M Sale of Philadelphia Office Building

by Taylor Williams July 15, 2024

PHILADELPHIA — Coldwell Banker Commercial Realty has brokered the $14 million sale of a 136,000-square-foot office building located at 399 Market St. in Philadelphia’s Old City neighborhood. According to LoopNet Inc., the building rises five stories and was originally constructed in 1977. Peter Rothberg and Jonathan Dubrow of Coldwell Banker represented the seller, Colonial Penn Life Insurance, in the transaction. OCF Realty purchased the property in an off-market transaction. Coldwell Banker is also the building’s leasing agent.

July 15, 2024

Development Multifamily Northeast Pennsylvania

Toll Brothers Completes 344-Unit Apartment Community in Philadelphia

by Taylor Williams July 10, 2024

PHILADELPHIA — Pennsylvania-based multifamily developer Toll Brothers Inc. (NYSE: TOL) has completed Broad + Noble, a 344-unit apartment community in Philadelphia’s Center City District. The 19-story building includes underground parking spaces and street-level commercial space. Amenities include music, media and podcast rooms, conservatory and private dining rooms, a fitness center with yoga and spin studios and a sky lounge with an outdoor deck area. Barton Partners served as the project architect, and O’Donnell & Naccarato handled engineering initiatives. Wells Fargo provided construction financing for the project, which Toll Brothers developed in partnership with Utah-based investment firm Sundance Bay.

July 10, 2024

Acquisitions Multifamily Northeast Pennsylvania Student Housing

Berkadia Arranges $24.5M Sale of Student Housing Property in State College, Pennsylvania

by Taylor Williams July 9, 2024

STATE COLLEGE, PA. — Berkadia has arranged the $24.5 million sale of Blue Course Commons, a 276-bed student housing property that serves students at Penn State University in State College. The 92-unit property was fully occupied at the time of sale. Matthew Stefanski, Zachary Pierce, Maura Spellman, Kevin Larimer and Brandon Buell of Berkadia represented the seller, Pennsylvania-based College Town Communities, in the transaction. The buyer was Pennsbury Capital.

July 9, 2024

Acquisitions Northeast Office Pennsylvania

Stockton Real Estate Negotiates Sale of 126,000 SF Office Building in Downtown Philadelphia

by Taylor Williams July 8, 2024

PHILADELPHIA — Stockton Real Estate Advisors has negotiated the sale of 1760 Market Street, a 126,000-square-foot office building in downtown Philadelphia. The building offers a tenant lounge and conference center, as well as indoor bike storage space. Stockton previously co-owned the building and repositioned the asset for sale in 2018 via renovation of the penthouse suite, which now features private rooftop decks and mezzanine space, as well as the introduction of new building systems. The buyer and seller were not disclosed.

July 8, 2024

Acquisitions Multifamily Northeast Pennsylvania Top Stories

Morgan Properties Acquires 3,434-Unit Multifamily Portfolio in Pennsylvania

by Taylor Williams July 1, 2024

CONSHOHOCKEN, PA. — Morgan Properties, a development and investment firm based in metro Philadelphia, has acquired a portfolio of 11 multifamily properties totaling 3,434 units in Pennsylvania. Morgan purchased the properties from their original developer, DePaul Management Co. The price was not disclosed. Matt Stefanski and Zachary Pierce of Berkadia brokered the transaction. The portfolio consists of: The new ownership plans to invest more than $80 million in capital improvements to the portfolio. Renovations will feature upgrades to units’ kitchens and bathrooms, as well as the installation of in-unit washers and dryers. Morgan will update lighting, landscaping, roofing and parking areas at all properties and install high-efficiency heating systems. Amenity and common area enhancements will also be undertaken throughout the portfolio. These initiatives will include fitness center upgrades and expansions; construction of exterior dog parks and pet wash stations; and additions of new amenities like Amazon package hubs, playgrounds, pickleball courts and outdoor grilling and dining stations. “The DePaul acquisition directly supports our strategic goal of acquiring large multifamily portfolios with high barriers to entry where our market concentration will enable us to achieve operational efficiencies and capitalize on economies of scale,” says Jonathan Morgan, president of Morgan Properties. — …

July 1, 2024

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