Pennsylvania

By Michael Prifti  Technology is moving quickly across many different industries. Architects are now using emerging technology like virtual reality (VR) to improve experience for clients, tenants and the general public.  An architecture firm can use VR to accomplish many different goals. VR can be used as both a design tool and a marketing tool. As a design tool, one can create impressive virtual mockups with the technology. To be used as a marketing tool, it is important to figure out the overall goals of the project, such as how interactive and immersive the VR models need to be.  For example, higher quality VR models require higher computer processing power.  In general, VR sets have become much more affordable, and jumping into this emerging technology doesn’t necessarily require a large investment. Today, VR headsets can be found for under $500, and the software has become so intuitive that nearly anyone can be taught how to produce very basic VR ready models in about 15 minutes.  While two-dimensional renderings will likely never disappear, the use of virtual reality is becoming more widespread throughout the industry. 2D drawings or 3D models can give you a general idea of a building’s scale, but VR …

FacebookTwitterLinkedinEmail

PHILADELPHIA — Standalone memory care facilities were the darling of seniors housing three to five years ago, but more recently this property segment has been tagged as the dog of the industry amid overbuilding concerns and lease-up challenges. “They get bashed at every conference,” says J.P. LoMonaco, president of Valuation & Information Group headquartered in Culver City, California. The conventional wisdom is that many investors and lenders have soured on the product. Not so fast, says Wendy Nowokunski, president of Northbridge Cos., who cautions against making blanket statements about this specialized niche within seniors housing.  “Actually, standalone memory care is our darling.” The private company based in Burlington, Massachusetts, operates 17 seniors housing communities serving over 2,000 residents across New England. Five properties in Northbridge’s portfolio are standalone memory care communities, including three in Maine and two in Massachusetts, each ranging in size from 60 to 70 units. “Those communities run at 100 percent occupancy all the time. We have waiting lists,” says Nowokunski, who adds that Northbridge has established partnerships with local hospitals to meet the needs of seniors with memory issues. “It all comes down to programming and knowing the disease process, and having the right people in the …

FacebookTwitterLinkedinEmail

RADNOR, PA. — IMC Construction has broken ground on Penn Medicine Radnor, a four-story, 250,000-square-foot medical center in Radnor. Located at 145 King of Prussia Road, the center will house a heart and vascular center, cancer care, women’s health, orthopedic and rehabilitation medicine, neurosciences and other medical subspecialties. An outpatient surgery suite will include six surgical and four endoscopy rooms, along with radiology and laboratory services. Brandywine Realty Trust will purchase and serve as the designated developer and manager of the site, and develop an adjacent office space and a hotel on property. The outpatient center is expected to be complete in Spring 2020.

FacebookTwitterLinkedinEmail

PHILADELPHIA— Ballard Brands, a Covington, Louisiana-based restaurant and hospitality group whose brands include PJ’s Coffee of New Orleans, WOW Café and New Orleans Roast Coffee & Tea, has expanded its restaurant holdings to include several Latin American concepts in Philadelphia. Brothers Paul, Steven and Scott Ballard of Ballard Brands recently purchased Philadelphia-based Garces Group — which filed for Chapter 11 bankruptcy earlier this year — resulting in the inception of IdEATtion Hospitality. The brothers purchased Garces in partnership with Mississippi native Ronnie Artigues and Philadelphia investor David Maser. Garces restaurants and catering companies were founded by Chef Jose Garces, an Iron Chef and James Beard Award winner. IdEATion Hospitality now leverages the resources of two established brands, Garces and Ballard Brands. As part of the acquisition, the Ballards and their investment partners acquired several popular and award-winning Garces Philadelphia restaurants: Amada, Tinto, Village Whiskey, The Olde Bar, JG Domestic, Volvér and their full-service catering division, Garces Events. Chef Garces remains in a leadership position as chief culinary officer. Artigues will serve as CEO of the Philadelphia-based operations. “Chef Jose is a culinary expert who brings a renowned reputation and vision to our team and we’re thrilled for the new partnership,” …

FacebookTwitterLinkedinEmail

CONSHOHOCKEN, PA. — Wedding dress retailer David’s Bridal has filed for Chapter 11 bankruptcy protection. The Conshohocken-based company says it plans to keep its more than 300 David’s Bridal stores and online platform open and operating without disruption. According to Monday’s announcement, “orders will arrive on time and bridal appointments will not be impacted” as the company says it has sufficient liquidity to operate during the court-supervised restructuring process. David’s Bridal announced on Nov. 15 its restructuring support agreement (RSA) with the vast majority of its term loan lenders, senior noteholders and equity holders. The filing of Chapter 11 is the next step in the RSA, which David’s Bridal says will reduce the company’s debt by more than $400 million. “The plan will allow us to reduce our debt significantly while continuing to run our business as usual,” says Scott Key, CEO of David’s Bridal. “We will be able to move through the court process very quickly. And in the end, we will be able to allocate even more of our resources toward making strategic investments in digital technologies and talent that will drive long-term growth and operational excellence at David’s Bridal.” Real Estate Implications While David’s Bridal says it …

FacebookTwitterLinkedinEmail

PITTSTON, PA. — HJ Sims has arranged $17.5 million in financing for United Methodist Homes. The funds will finance an expansion project at the organization’s Wesley Village continuing care retirement community in Pittston, located between Scranton and Wilkes-Barre in Central Pennsylvania. The project will add an undisclosed number of independent living units to the property, through a series of cottages named Brooks Estates. Citizens Bank provided the funds.

FacebookTwitterLinkedinEmail

PHILADELPHIA — Cushman & Wakefield has arranged $13.1 million in acquisition financing for a 452,375-square-foot industrial facility in Philadelphia. Located at 11200 Roosevelt Blvd., the property is fully leased to a mix of industrial users. John Alascio, Sridhar Vankayala and Zachary Kraft of Cushman & Wakefield’s Equity Debt & Structured Finance group secured financing for the borrower, Ivy Realty, through lender Reinsurance Group of America Inc. Ivy Realty plans to make $3 million in capital improvements to the property and rebrand it as the Roosevelt Industrial Center.  

FacebookTwitterLinkedinEmail

EXTON, PA. — The Pennsylvania Real Estate Investment Trust has sold a four-acre development site in Exton for $10.3 million. The site is located adjacent to the Exton Square Mall, which is approximately 33 miles northeast of Philadelphia. The property was acquired by Hanover Co., which plans to build a 300-unit apartment building on the site. PREIT recently revamped the Exton Square Mall with the addition of a Whole Foods location earlier this year.

FacebookTwitterLinkedinEmail

PHILADELPHIA — Blueprint Healthcare Real Estate Advisors has negotiated the sale of two assisted living and memory care communities on the Philadelphia Main Line. A publicly traded REIT sold the properties to a growing seniors housing investor for an undisclosed price. The existing regional operator will remain in place. Ben Firestone and Michael Segal led the transaction for Blueprint.  

FacebookTwitterLinkedinEmail

PITTSTON, PA. — Square Mile Capital Management has provided a $54.4 million construction loan for Interstate Distribution Center, a 1.1 million-square-foot distribution facility in Pittston. The project is located at the convergence of Interstates 81 and 476. Amazon, Lowes, Walmart, and FedEx all occupy distribution facilities nearby. Square Mile Capital provided the loan to a joint venture between affiliates of Endurance Real Estate Group and Blue Vista Capital.  

FacebookTwitterLinkedinEmail