CHELTENHAM, PA. — Natixis has originated a $54.5 million floating-rate loan for New York City-based Sun Equities Partners. The borrowers will use the loan to redevelop the former Cheltenham Square Mall located in Cheltenham. The financing consists of a $42 million senior loan and a $12.5 million mezzanine loan. Initial loan proceeds of $16.9 million were used to retire existing property financing and an additional $40.1 million is earmarked for the redevelopment and future leasing of the property. The 429,617-square-foot retail center will be rebranded as Greenleaf at Cheltenham. The property is currently 60 percent leased and pre-leased to a variety of retailers, including The Home Depot, Marshalls, LA Fitness, TD Bank, Wells Fargo, T-Mobile, Chick-fil-A and Wendy’s. Eli Breiner and Jerry Boxer of ECB Capital Group arranged the financing for the borrower.
HATFIELD, PA. — Equus Capital Partners has completed the sale of Madison Montgomery, an apartment community located in Hatfield. Morgan Properties purchased the 264-unit asset for $38.5 million. An affiliate of Equus acquired the 1969-built property in 2007 out of receivership from the prior owners. Upon acquisition, the company launched a $17 million interior and exterior renovation program, including the construction of a 4,000-square-foot clubhouse and leasing center, a resort-style swimming pool and outdoor grilling area. Lizann McGowan, Bob Miller and John McFadden of CBRE represented the seller in the transaction.
BETHEL TOWNSHIP, PA. — Dermody Properties has broken ground for the development of LogistiCenter at Midway, a distribution building located at 270 Midway Road in Bethel Township. The park will feature 1.1 million square feet of warehouse, distribution and e-commerce business space. Situated on 136 acres, the building will feature 36-foot clear ceiling heights, 60-foot loading bays, 207 car stalls (expandable to 309), 368 trailer stalls (expandable to 438), 212 dock doors, four drive-in doors and a 185-foot truck court. Ware Malcomb is serving as building architect and Blue Rock Construction is the general contractor for the project, which is slated for completion in spring 2018. Joseph McDermott, Vincent Ranalli and Jake Terkanian of CBRE are marketing the property for lease.
CONSHOHOCKEN, PA. — CBRE has brokered the sale of Three Tower Bridge, a single-tenant office building located at 2 Ash St. in Conshohocken, a suburb of Philadelphia. Gladstone Commercial Corp. acquired the property for $15.4 million. Jacobs Engineering Group occupies the 60,016-square-foot building. Robert Fahey, Jerry Kranzel and Erin Hannan of CBRE represented the seller, an affiliate of Oliver Tyrone Pulver Corp., in the transaction.
MIDDLETOWN, PA. — A joint venture between Woodmont Industrial Partners and AEW Capital Management, on behalf of its closed-end opportunistic real estate fund AEW Partners VI, has completed the disposition of Capital Logistics Center in Middletown for undisclosed price. The partnership completed an extensive capital improvement program at the six-building, 1.55 million-square-foot industrial park. The joint venture constructed new industrial facilities to replace the antiquated structures that previously occupied 200 and 300 Capital Lane. The name of the buyer was not released.
PHILADELPHIA — HFF has arranged $65 million in preferred equity and construction financing for the development of The Hamilton, a 10-story apartment building located at 440 N. 15th St. in Philadelphia. Radnor Property Group is developing the 279-unit property, which is slated for completion in 2018. The Hamilton will feature studio, one- and two-bedroom layouts. HFF arranged a $48.5 million construction loan from Santander Commercial Real Estate and $16.5 million in preferred equity from an insurance company for the developer. Ryan Ade, Rob Hinckley, David Giancola and Michael Pagniucci of HFF arranged the financing for the borrower.
UPPER DUBLIN, PA. — Montgomery County Housing Authority (MCHA) and Pennrose Properties have partnered to redevelop North Hills Manor, an affordable housing property in Upper Dublin. The $17 million project includes the demolition of the existing 50-unit public housing development, which was originally built in 1954, and the construction of 50 new apartments ranging from one- to four-bedrooms located in 17 residential buildings. Additionally, the development will feature a shared building featuring a community room, computer lab and property management offices. The new units will feature modern kitchens, including dishwasher, spacious closets, ceramic-tiled bathrooms, resident-controlled heating and cooling, and in-unit washers/dryers.
POTTSTOWN, PA. — CBRE has arranged the sale of Town Square Plaza, a power center located at 1100 Town Square Road in Pottstown. Bluejay Management acquired the 215,610-square-foot property from Retail Properties of America for an undisclosed price. Built in 2004, the property was 98 percent occupied at the time of sale. A 134,574-square-foot Lowe’s Home Improvement Warehouse anchors the property. Other tenants include PetSmart, Michaels, Rite Aid Pharmacy, BB&T Bank, Mattress Firm, Hair Cuttery, LongHorn Steakhouse, AT&T and H&R Block. Brad Nathanson and John Colussi of CBRE represented the seller and identified the buyer in the deal.
YARDLEY, PA. — TriGate Capital has completed the disposition of Lower Makefield Shopping Center, a shopping center located at 700 Stony Hill Road in Yardley. Inland Institutional acquired the 74,953-square-foot property for an undisclosed price. Giant Food Store, Rite Aid Pharmacy and First Choice Bank occupy the property. Brad Nathanson and John Colussi of CBRE represented both the seller and buyer in the transaction.
BETHLEHEM, PA. — Marcus & Millichap has arranged the sale of Bethlehem Apartments, located at 1872 Livingston St. in Bethlehem. An undisclosed buyer acquired the asset for $2 million. The 24-unit property features a mix of studio and two-bedroom layouts in eight buildings. Daniel Bernard, Ridge MacLaren, Andrew Townsend and Clarke Talone of Marcus & Millichap represented the undisclosed seller and procured the buyer in the deal.