Pennsylvania

Harrison Street, Brandywine Sell 850-Bed Student Housing Property in Philadelphia for $197M

by Taylor Williams January 29, 2018

PHILADELPHIA — A joint venture between Chicago-based investment firm Harrison Street Real Estate Capital LLC and Pennsylvania-based REIT Brandywine Realty Trust (NYSE: BDN) has sold Evo at Cira Centre South, an 850-bed student housing property in Philadelphia. The sales price was roughly $197 million, according to The Philadelphia Inquirer. The buyer was not disclosed. Built in 2014 and located in the University City area, the 33-story Evo at Cira Centre South is the tallest purpose-built student housing tower in the country. It provides residences for students attending both the University of Pennsylvania and Drexel University. The property offers a mix of one-, two-, three- and four-bedroom units. Communal amenities include a two-story fitness center, two-story study lounges, a business and print center, as well as a rooftop pool and lounge. Following this transaction, Harrison Street’s student housing portfolio totals more than 73,000 beds across the U.S. and Europe. The stock price of Brandywine, which owned a 50 percent interest in the asset, closed at $17.88 per share on Friday, Jan. 26, up from $16.22 per share a year ago. — Taylor Williams

January 29, 2018

Northeast Pennsylvania Retail

EXP Realty Advisors Arranges $12.2M Sale of Retail Property in Quakertown, Pennsylvania

by Amy Works January 26, 2018

QUAKERTOWN, PA. — EXP Realty Advisors has brokered the sale of a retail property located at 616 N. West End Blvd. in Quakertown. A New York City-based real estate investor acquired the property for $12.2 million in a 1031 exchange. BJ’s Wholesale Club occupies the 85,000-square-foot property. Andrew Greenberg and Daniel de Sa’ of EXP Realty Advisors brokered the transaction.

January 26, 2018

Features Multifamily Northeast Pennsylvania Seniors Housing Southeast Top Stories

Berkadia Forecast: Southeast to Garner Bulk of Multifamily Investment, Financing Activity in 2018

by John Nelson January 25, 2018

AMBLER, PA. — Mortgage bankers and investment sales brokers alike expect multifamily markets in the Southeast to record more investment and financing activity than any other region in 2018. In Berkadia’s inaugural poll of nearly 150 staffers across 60 offices, the company reveals that more than one-third (36 percent) of its respondents predict the Southeast would see the most deals take place this year. “Population influx, continued job growth and significant development stabilization will make the Southeast a destination for commercial real estate growth and investor appetite in the coming months,” says Ernie Katai, executive vice president and head of production at Ambler-based Berkadia. For example, the Atlanta metro area is on track to add 2.5 million people over the next 25 years, the equivalent of adding the entire metro Charlotte population, according to the Atlanta Regional Commission. This type of population growth is attractive for employers looking for a new base of operations. This week French car manufacturer Groupe PSA announced that it chose Atlanta for its North American headquarters, and media outlets are reporting that Facebook is interested in building a massive data center complex in the metro area. Atlanta recently made the short list for Amazon’s second …

January 25, 2018

Northeast Office Pennsylvania

CBRE Arranges $12.5M Sale of Office Plaza in West Chester, Pennsylvania

by Amy Works January 24, 2018

WEST CHESTER, PA. — CBRE has brokered the sale of West Chester Office Plaza, a five-building office portfolio located at 790 E. Market St. in West Chester. High Associates sold the complex to Maguire Hayden Real Estate Co. for $12.5 million. Situated on 8.3 acres, the 116,621-square-foot complex is currently 90 percent occupied by 48 tenants, including American Precision Industries, ESCFederal, Women’s Health Care Group of PA and BackOffice Thinking and Kinetic Prosthetics. Stephen Marzullo and Adam Silverman of CBRE represented the seller in the transaction.

January 24, 2018

Multifamily Northeast Pennsylvania

Westrum Development Adds Final Phase to Luxor Apartment Complex in Norristown, Pennsylvania

by Amy Works January 23, 2018

NORRISTOWN, PA. — Westrum Development Co. has completed Luxor Building II, the final phase of the revitalization and transformation of 770 Sandy Street into Luxor Lifestyle Apartments in Norristown. Located at the renamed 800 Luxor Lane address, Luxor Building II features 38 apartment units and complements the 157-unit main building at the Luxor complex. Amenities at the community include an open-air courtyard with bocce, grilling and fire pits, an infinity pool, a bar, a fitness center and panoramic views of Norristown and Philadelphia’s skyline. For more than a decade before Westrum Development Co. acquired the property, 770 Sandy Street was embroiled in construction, legal and financial turmoil that cost Norristown taxpayers up to $4 million for repairs and legal expenses.

January 23, 2018

Loans Multifamily Northeast Pennsylvania Seniors Housing

Capital Funding Group Closes $23M HUD Loan for Skilled Nursing Facility in Pennsylvania

by Amy Works January 23, 2018

PENNSYLVANIA — Capital Funding Group, a Baltimore-based lender, has provided a $23 million HUD loan for a 324-bed skilled nursing facility in Pennsylvania. The name and location of the facility were not disclosed. Capital Funding is the sole lender, and also provided the initial bridge acquisition loan in 2014. The new loan converts the existing debt into HUD financing.

January 23, 2018

Northeast Office Pennsylvania

CBRE Arranges $76.9M Sale, Acquisition Financing for 14-Building Office Complex in Metro Philadelphia

by Amy Works January 22, 2018

KING OF PRUSSIA, PA. — CBRE has arranged the sale and acquisition financing of a 14-building office complex located within Renaissance Park in King of Prussia. Radnor, Pa.-based MLP Ventures acquired the portfolio from Liberty Property Trust for $76.9 million. The 641,325-square-foot portfolio consists of 14 single-story office and flex properties. At the time of sale, the buildings were 87 percent occupied. Major tenants include Marsh & McLennan Cos., IKEA, BB&T, RELX Group and MedRisk. Robert Fahey, Jerry Kranzel, Erin Hannan and Jack Corcoran of CBRE Capital Markets represented the seller, and Nick Harris and Steven Doherty of CBRE Debt & Structured Finance procured the financing for the buyer.

January 22, 2018

2301-Renaissance-Blvd-King-of-Prussia-PA

Northeast Office Pennsylvania

Liberty Property Trust Sells 189,502 SF Office Building in Metro Philadelphia for $47M

by Amy Works January 17, 2018

KING OF PRUSSIA, PA. — Liberty Property Trust has completed the disposition of an office building located at 2301 Renaissance Blvd. in King of Prussia, a suburb of Philadelphia. M&H Properties acquired the property for $47 million. Situated on 15.5 acres within the 200-acre Renaissance Park corporate campus, the property is the home to Vertex Inc.’s corporate headquarters and features 957 parking spaces, a conference center, first-floor locker rooms with showers, multiple break-out hubs per floor and a café. Brett Segal and Doug Rodio of HFF represented the seller in the transaction.

January 17, 2018

Loans Multifamily Northeast Pennsylvania Seniors Housing

Cushman & Wakefield Arranges $20.5M Construction Financing for Seniors Housing Community in Pennsylvania

by Amy Works January 17, 2018

CHADDS FORD, PA. — Cushman & Wakefield Senior Housing Capital Markets has raised equity and arranged $20.5 million in financing for the construction of The Residence at Chadds Ford, an 84-unit independent living, assisted living and memory care community in the Philadelphia suburb of Chadds Ford. The borrower is LCB Senior Living, which is building the community. It will be the company’s 15th seniors housing property, and its first in the Philadelphia metro. The community is located along the Delaware border, 11 miles north of Wilmington. The community will consist of a three-story building on a 2.3-acre site. It will offer 64 independent living and assisted living apartments, as well as 20 memory care beds. The project is slated for completion in the second quarter of 2019. Webster Bank is providing $20.5 million of non-recourse construction financing at 65 percent loan-to-cost for the joint venture between LCB and its institutional partner. The Cushman & Wakefield team involved in the transaction included Rick Swartz, Jay Wagner, Aaron Rosenzweig, Jim Dooley and Caryn Donahue.

January 17, 2018

Affordable Housing Loans Multifamily Northeast Pennsylvania

KeyBank Provides $16.6M in Financing for New Affordable Housing Property in Pittsburgh

by Amy Works January 17, 2018

PITTSBURGH — KeyBank Commercial Development Lending & Investment has provided $16.6 million in total financing for Allegheny Dwellings Phase I, a new affordable housing project in Pittsburgh’s Fineview neighborhood. The first of three phases, Allegheny Dwellings Phase I involves replacing existing public housing with 65 new mixed-income units. TREK Development Group, in partnership with the Housing Authority of City of Pittsburgh, is developing the project. The first phase will feature 47 affordable and 18 market-rate townhome, walk-up and apartment-style units. Kyle Kolesar of KeyBank arranged the financing. City Real Estate Advisors, Allies and Ross Management, Housing Authority City of Pittsburgh and the Urban Redevelopment Authority of Pittsburgh contributed 4 percent Low-Income Housing Tax Credits, tax-exempt bonds and other gap financing.

January 17, 2018

Newer Posts

Older Posts