Pennsylvania

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First Industrial Realty Trust to Develop 738,720 SF Distribution Center in Central Pennsylvania

by Amy Works December 19, 2017

LEBANON COUNTY, PA. — First Industrial Realty Trust is developing First Logistics Center @ I-78/81 in Lebanon County in Central Pennsylvania. The company has commenced site work and development for a 738,720-square-foot distribution center. Slated for completion in the fourth quarter of 2018, the distribution center will feature 40-foot clear heights, 185-foot truck courts, 135 dock-high door positions, four drive-in doors, 246 trailer stalls, 289 auto stalls, ESFR sprinklers and LED lighting. The total investment for the distribution center is estimated at $49 million. The site plan for the industrial park includes 12 acres of land on which the company is readying a pad for the future construction of a 250,000-square-foot facility. The project team includes Blue Rock Construction as general contractor and Joseph V. Belluccia as architect. Patrick Lafferty, Michael Hess, Bart Anderson and Fred Ragsdale II of CBRE have been retained to lease the project.

December 19, 2017

Hospitality Northeast Pennsylvania Retail Top Stories

Gaming Giant Penn National to Acquire Pinnacle Entertainment in $2.8B Deal

by John Nelson December 19, 2017

LAS VEGAS — Penn National Gaming Inc. (NASDAQ: PENN) has agreed to purchase fellow gaming property owner Pinnacle Entertainment Inc. (NASDAQ: PNK) in a cash and stock transaction valued at $2.8 billion. The deal has been approved by the boards of directors of both companies and is expected to close in the second half of 2018 following an approvals process involving the two companies’ shareholders and applicable gaming authorities. Pinnacle employs roughly 16,000 team members and owns and operates 16 gaming and entertainment facilities located in Colorado, Indiana, Iowa, Louisiana, Mississippi, Missouri, Nevada, Ohio and Pennsylvania. The Las Vegas-based company is also a manager and majority owner of Retama Park Racetrack near San Antonio. As part of the transaction, Wyomissing, Pa.-based Penn National will sell four of the newly acquired assets to Las Vegas-based Boyd Gaming Corp. (NYSE: BYD) for $575 million. The properties include Ameristar St. Charles and Ameristar Kansas City in Missouri; Belterra Casino Resort in Florence, Ind.; and Belterra Park in Cincinnati. Penn National has also negotiated with Gaming and Leisure Properties (NASDAQ: GLPI), the landlord for Penn National and Pinnacle’s master lease agreements, to sell and lease back the real estate associated with Belterra Park and …

December 19, 2017

Loans Multifamily Northeast Pennsylvania

Hunt Mortgage Group Provides $28.4M Acquisition Loan for Multifamily Property in Reading, Pennsylvania

by Amy Works December 18, 2017

READING, PA. — Hunt Mortgage Group has provided a $28.4 million conventional Fannie Mae loan for the acquisition of Reed Farm Apartments, a multifamily property located in Reading. Loan terms include a 12-year term with a 30-year amortization period and an 11.5-year yield maintenance period. The Reading-based sponsor purchased the subject as part of a 1031 exchange. Reed Farm Apartments is a 242-unit garden-style apartment complex consisting of 35 two-story residential structures, including a farm house that was built pre-1930 and converted into an apartment unit in 2003. The property was built in two phases between 2003 and 2005. Jame Conley of HFF represented the undisclosed sponsor in the financing.

December 18, 2017

Multifamily Northeast Pennsylvania Seniors Housing

The Community Builders Opens $15.8M Community in Pittsburgh

by Amy Works December 18, 2017

PITTSBURGH — The Community Builders Inc. (TCB), a nonprofit developer of mixed-income housing, has opened Hillcrest Residences, a 66-unit seniors housing community in Pittsburgh’s Carrick neighborhood. The community features eight handicap-accessible apartments to allow residents to age in place. Amenities include a community room with library, garden, business center, fitness room, outdoor terrace, private room for health services, laundry rooms and 36 parking spaces. The Urban Redevelopment Authority of Pittsburgh, the HUD Neighborhood Stabilization Program, Federal Home Loan Bank of Atlanta, Citizens Bank and The Pennsylvania Housing Finance Agency both contributed to the development. Through partnerships with local organizations such as the American Health Care Group, Greater Pittsburgh Community Food Bank and UPMC Stroke Institute, Hillcrest residents will have access to supportive services. The University of Pittsburgh School of Nursing provides quarterly health screenings, monthly healthy eating tips, exercise and fall prevention workshops.

December 18, 2017

Multifamily Northeast Pennsylvania

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

by Amy Works December 14, 2017

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 parking spaces. On-site amenities include a club room, a game room, an e-lounge, an entertainment kitchen, a fitness center, a yoga room, a conference center, three outdoor courtyards and an outdoor pool. The project team includes Rycon Construction, Hord Coplan Macht, Langan Engineering, Tower Engineering, Structura, RD Jones Associates and Steven Winter.

December 14, 2017

Hospitality Northeast Pennsylvania

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

by Amy Works December 13, 2017

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

Penn-Warner-Industrial-Park-Fairless-Hills-PA

Industrial Northeast Pennsylvania

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

by Amy Works December 12, 2017

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, Brad Ruppel and Lauren Dawicki of CBRE Northeast National Partners brokered the transaction.

December 12, 2017

Loans Multifamily Northeast Pennsylvania Seniors Housing

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

by Amy Works December 6, 2017

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

Multifamily Northeast Pennsylvania

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

by Amy Works December 5, 2017

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 of one-, two- and three-bedroom layouts with private entrances. On-site amenities include a resort-style pool, a 24-hour fitness center, a clubhouse with community room and balcony. An affiliate of Equus acquired Madison Willowyck in 2007 from UBS. The transaction was made on behalf of BPG Investment Partnership VIII, a $550 million private equity fund.

December 5, 2017

District of Columbia Illinois Maryland Massachusetts Midwest Multifamily Northeast Pennsylvania Southeast Top Stories

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

by Taylor Williams December 4, 2017

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 located in the metro areas of Baltimore, Boston, Chicago, Philadelphia and Washington, D.C. HGI plans to invest roughly $80 million in capital improvements to the unit interiors and communal amenities of the properties. Berkadia and New York-based Meridian Capital Group secured approximately $1.4 billion in acquisition financing for the deal. Berkadia secured roughly $927 million in fixed- and floating-rate debt through Freddie Mac, while Meridian Capital secured approximately $512 million in fixed-rate debt through New York Community Bank. Among the portion of the financing arranged by Berkadia, 11 of the properties totaling $789 million were financed at a fixed interest rate. The remaining five assets totaling $138 million were financed with a floating-rate vehicle. Laura Cathlina and Sharon Plattner of Berkadia led the loan …

December 4, 2017

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