Pennsylvania

Colliers Arranges $26.1M in Financing for Two-Property Multifamily Portfolio in Pennsylvania

by Amy Works October 23, 2017

LANCASTER AND HERSHEY, PA. — Colliers International has arranged two loans, totaling, $26.1 million, for the refinancing of two multifamily properties: Pioneer Woods in Lancaster and Rosedale Apartments in Hershey. Built in 1974, Pioneer Woods is situated on 34 acres and features 45 one-bedroom units, 71 two-bedroom units, 28 three-bedroom apartments and 16-two-bedroom townhouse units. At the time of financing, the property was 95 percent occupied. Rosedale Apartments was built in 1972 and features 80 one-bedroom apartments and 80 two-bedroom units, ranging from 566 square feet to 1,070 square feet. The property is currently 99 percent occupied. John Banas, Kris Wood, Chad Levitt and Jordan Canino of Colliers secured the five-year, fixed-rate financing with five-year resets for the properties.

October 23, 2017

Loans Northeast Pennsylvania Retail

CBRE Negotiates Sale, Arranges Acquisition Financing for 100,250 SF Retail Center in Easton, Pennsylvania

by Amy Works October 19, 2017

EASTON, PENN. — CBRE has arranged the sale of Fork Town Center, a shopping center located at 301 Town Center Blvd. in Easton. Retail Properties of Americas sold the 100,250-square-foot property to a joint venture between Triple Crown Corp. and J.C. BAR Properties. Thomas Gorman of CBRE’s Debt & Structured Finance procured $18 million in acquisition financing for the buyer. Brad Nathanson and John Colussi of CBRE represented the seller and identified the buyer in the deal. Built in 2002, Forks Town Center was 98 percent occupied at the time of sale. A 66,792-square-foot Giant Food Store anchors the center, which is also features two pad sites occupied by PNC Bank and Dunkin’ Donuts.

October 19, 2017

Multifamily Northeast Pennsylvania Seniors Housing

The Waters Begins Pre-Leasing 143-Unit Community in Pennsylvania

by Amy Works October 18, 2017

WEXFORD, PA. — The Waters Senior Living has started pre-leasing for The Waters of Wexford, a 143-unit independent living, assisted living and memory care community in Wexford, approximately 15 miles north of Pittsburgh. The community is scheduled to open in June 2018. Once completed, it will feature 114 apartments for independent living with assisted living services available, as well as 29 memory care studios. The property is located on an 18-acre plot that The Waters acquired in November 2016. Development costs at that time were estimated at $38 million. The Waters of Wexford will be the 10th senior living community developed by The Waters Senior Living and the first in Pennsylvania. All of the companies’ current properties are in the its home state of Minnesota.

October 18, 2017

Multifamily Northeast Pennsylvania Student Housing

Goldenberg Group Breaks Ground on $199M Student Housing Community Near Temple University

by Amy Works October 12, 2017

PHILADELPHIA — The Goldenberg Group has broken ground for a $199 million student housing development located on the edge of Temple University’s campus at 12th Street and Cecil B. Moore Avenue in Philadelphia. The 470,000-square-foot property will feature 984 beds within one-, two-, three- and four-bedroom units. All 368 units are fully furnished with flat-screen televisions, stainless steel appliances, quartz countertops, dishwashers, icemakers and garbage disposals. Community amenities include a 24-hour concierge; a coffee bar; fitness center with rooms for fitness on-demand, yoga and spin; an outdoor rooftop terrace; a social activities area; a business center; study and conference areas; a package locker system; sky lounge; indoor bicycle storage and on-site resident parking, including dedicated car sharing spaces and electric charging spaces. Additionally, the property will offer 30,000 square feet of ground-level retail, restaurant and commercial space opening to a plaza with seating, green space and activity areas. The project is designed to complement The View at Montgomery, the company’s existing 832-bed student housing property. This is the second and final phase of Goldenberg’s master-planned redevelopment of the 4.6-acre site of the former John Wanamaker High School. The first phase opened in August 2014. The new development is slated for completion …

October 12, 2017

Multifamily Northeast Pennsylvania

Equus Capital Partners Sells 22-Property Multifamily Portfolio in Pennsylvania for $467M

by Amy Works October 11, 2017

PHILADELPHIA, PA. — Equus Capital Partners has completed disposition of a 22-property multifamily portfolio totaling 3,426 units across Pennsylvania in a series of transactions totaling $467 million. Mark Thomson, Carl Fiebig and Francis Coyne of HFF marketed the properties on behalf of the seller in six sub-portfolios. The properties sold in phases to different buyers throughout the year with the most recent closing at the end of September. The properties are located in suburban Philadelphia, Northeastern Pennsylvania, Lancaster, Harrisburg, Wyomissing and Lehigh Valley, Pa. The properties range in size from 50 units to 400 units and were built between the early 1960s through the mid-2000s.

October 11, 2017

Multifamily Northeast Pennsylvania

Gebroe-Hammer Facilitates $14M Sale of 20-Property Multifamily Portfolio in Philadelphia

by Amy Works October 10, 2017

PHILADELPHIA — Gebroe-Hammer Associates has brokered the sale of a 20-property multifamily portfolio in Philadelphia. A private investor acquired the 83-unit portfolio from West Village UCA for $14 million. Situated on the 3200 block of Powelton Avenue, 11 of the properties (3201-3027) are on the odd side of the street while two are even-numbered buildings (3214 and 3220). The 3214-3218 Pearl St. properties feature three two-unit townhomes with patios and garages, as well as an additional loft in two of the units. The properties at 311-313 N. 33rd St. include a 24-unit building with an adjacent parking lot. The portfolio comprises a mix of studio, one-, two-, three- and four-bedroom layouts, totaling 144 beds. Eli Rosen of Gebroe-Hammer Associates represented the seller and procured the buyer in the deal.

October 10, 2017

Loans Northeast Office Pennsylvania

JLL Secures $96M in Acquisition Financing for Office Tower in Philadelphia

by Amy Works October 9, 2017

PHILADELPHIA — JLL’s Capital Markets team has secured $96 million in financing for a partnership between Taconic Capital Advisors and Cohen Equities. Provided by Deutsche Bank and Square Mile, the financing package will be used for the acquisition and rehabilitation of 801 Market Street, a 695,130-square-foot office tower in Philadelphia’s Market East submarket. Adam Schwartz, Aaron Appel, Jonathan Schwartz and Chad Orcutt of JLL arranged the financing for the borrowers.

October 9, 2017

Multifamily Northeast Pennsylvania

Marcus & Millichap Facilitates $6.9M Sale of 108-Unit Multifamily Property in Harrisburg, Pennsylvania

by Amy Works October 6, 2017

HARRISBURG, PA. — Marcus & Millichap has arranged the sale of Eastridge Apartments, a multifamily property located at 102 Worchester Ave. in Harrisburg. A limited liability company sold the property to a private partnership in a 1031 exchange for $6.9 million. Situated on 7 acres, the property features 108 units in a mix of one-, two- and three-bedroom layouts. According to Marcus & Millichap, the property features a 20-year family Housing Assistance Payments contract, which is expiring in 2024, on 98 percent of the units. Ridge MacLaren, Andrew Townsend and Clarke Talone of Marcus & Millichap.

October 6, 2017

Multifamily Northeast Pennsylvania

Woodmont Properties Opens 204-Unit Apartment Community in Lower Macungie, Pennsylvania

by Amy Works October 5, 2017

LOWER MACUNGIE, PA. — Woodmont Properties has opened Woodmont Valley, an apartment community located at 3535 Grandview Drive in Lower Macungie. Situated in the heart of the Lehigh Valley, the property features 204 one- and two-bedroom apartments, a clubhouse, a resident lounge, a heated pool with sundeck, a barbecue terrace with fire pit, a strength and cardio center, a game room, a bark park, an indoor pet spa, a 24/7 package collection service and on-site management.

October 5, 2017

Market Reports New Jersey Northeast Northeast Market Reports Office Pennsylvania

Greater Philadelphia Office Fundamentals Reflect Continued Strength

by Taylor Williams October 4, 2017

The Greater Philadelphia office market is seeing a few exciting development projects and steady interest in investment opportunities. Southern New Jersey The office sector in Southern New Jersey has exhibited overall strong fundamentals, underpinned by increased new investments from outside of the Greater Philadelphia region and economic inflows to support local economic expansion. The U.S. economy continues to grow moderately and add jobs, with the national unemployment rate dropping to a 16-year low. These conditions are helping to generate demand that is reverberating throughout the real estate sector, especially for office space. Office leasing activity has been on an upswing in 2017. The overall tone is positive, and vacancy rates have been stable for the past few quarters, hovering just above 10 percent. The second quarter posted approximately 395,155 square feet of new leases and renewals. This is a 24 percent increase in activity from the first quarter and an incredible 58 percent increase compared to the second quarter a year ago. New leases represented approximately 43.4 percent of all deals for the quarter. Notable deals ranged from 5,000 to 31,000 square feet. The office investment and sales market is also showing increased activity. Buyers continue to take advantage of …

October 4, 2017

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