WAYNE, PA. — Tremont Realty Capital, a division of metro Boston-based investment firm RMR Group, has provided a $27 million loan for the refinancing of a 138,065-square-foot industrial property in Wayne, a northwestern suburb of Philadelphia. The building at 400 Devon Park Drive was originally constructed in 1969 and features clear heights of 20 to 24 feet. JLL arranged the loan, which was structured with a three-year initial term with two one-year extension options. The borrower was a joint venture between Mainstreet Capital Partners and Contrarian Capital Management.
EXTON, PA. — Locally based developer Hankin Group has broken ground on Phase II of Haywood Business Park, a 70,000-square-foot industrial flex project in Exton, about 35 miles west of Philadelphia. Phase II of Haywood Business Park is being developed on a speculative basis and will consist of two 35,000-square-foot buildings that can support light manufacturing, warehousing and research-and-development uses. Leasing is underway on the first building, which features a clear height of 20 feet, four dock doors and 54 parking spaces. Construction of that building is slated for an early 2025 completion. Phase I of Haywood Business Park delivered 105,000 square feet of product.
PITTSBURGH — New Jersey-based Tryko Partners has completed Cedarwood Homes, an age-restricted affordable housing project located at the site of the former Fairywood School in Pittsburgh. The majority (39) of the property’s 46 one-bedroom units are reserved for renters earning 60 percent or less of the area median income. Merchants Capital provided $11 million in financing for Cedarwood Homes, and The Pennsylvania Housing Finance Agency awarded 9 percent Low-Income Housing Tax Credits to the developer to fund the project. Construction began last summer, and leasing commenced in February.
PHILADELPHIA — A partnership between Jefferson Apartment Group, Haverford Properties and AFL-CIO Building Investment Trust has completed a 470-unit multifamily project in Philadelphia’s Northern Liberties neighborhood. Rivermark Northern Liberties fronts the Delaware River and consists of two midrise residential buildings, 45,000 square feet of retail space that is anchored by a Sprouts Farmers Market and four acres of public green space. Units come in one-, two- and three-bedroom floor plans and range in size from 527 to 1,605 square feet. Amenities include a pool, rooftop lounges with speakeasys, two fitness centers, a courtyard with fire pits and grilling stations, a lounge, game room, micro offices and a pet spa. Citizens Bank and Santander Bank financed construction of the project. Rents start at roughly $1,900 per month for a one-bedroom apartment.
DOWNINGTOWN, PA. — BWE has arranged $45 million in first mortgage financing for Brandywine Square Shopping Center, a 607,999-square-foot retail center located roughly 40 miles outside Philadelphia in Downingtown. Regional grocer Wegmans anchors the center. Other tenants include BJ’s Wholesale, Dick’s Sporting Goods, DSW, PetSmart, Regal Cinema and Best Buy. Kevin Hicks of BWE originated the financing through a life insurance company on behalf of the borrower, Delaware-based development and management firm Allied Properties.
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.
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.
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 …
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.
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.