PHILADELPHIA — Newmark has arranged a $145 million loan for the refinancing of Josephine, a 255-unit apartment building in Philadelphia. The 27-story building is located at 1620 Sansom St. within the Center City District and includes more than 20,000 square feet of retail and restaurant space across two floors. Units come in studio, one-, two- and three-bedroom floor plans. Amenities include a pool with a bar and lounge area, rooftop terrace, club lounge with games and a demonstration kitchen, a fitness center, spa areas, coworking lounge, coffee bar and outdoor grilling and dining stations. Jordan Roeschlaub, Nick Scribani and Samuel Speciale of Newmark arranged the loan on behalf of the owner, Nashville-based developer Southern Land Co.
BALA CYNWYD, PA. — ACRE Capital has funded a $37 million acquisition loan for Luxor Bala Cynwyd, a 173-unit multifamily property located on the western outskirts of Philadelphia. Completed in 2021, Luxor Bala Cynwyd features studio, one- and two-bedroom residences that range in size from 497 to 1,157 square feet. Amenities include a pool, fitness center with a yoga studio, golf simulator, landscaped outdoor courtyard, resident lounge and a dog park. Patrick McGlohn, Brian Gould, Hunter Wood, Patrick Cunningham and Natalie Hershey of Berkadia arranged the debt on behalf of the owner, a joint venture between Arizona-based Alliance Residential and Los Angeles-based PCCP
PHILADELPHIA — CBRE has arranged a $156 million loan for the refinancing of Bridge Point Philadelphia, an 889,300-square-foot industrial property. Canyon Partners Real Estate and J.P. Morgan provided the loan to the owner of the property, Chicago-based Bridge Industrial, which will use a portion of the proceeds to fund lease-up costs. Steve Roth led the CBRE team that originated the debt. Delivered in 2024, Bridge Point Philadelphia comprises two buildings, one of which features a rear-load configuration and the other of which features a cross-dock configuration. The development also offers “excess “trailer parking, and multi-tenant divisibility. Third-party logistics firm Veho signed a 148,611-square-foot lease at the property shortly after it was completed. In addition, Bridge Point Philadelphia offers proximity to an array of major thoroughfares and logistics hubs, including interstates 76, 95 and 476, as well as the Port of Philadelphia and Philadelphia International Airport. “We were pleased to work closely with Canyon, whose efforts were instrumental in efficiently completing this financing,” said Roth, who holds the title of vice chairman at CBRE. “Their collaborative approach ensured a smooth execution and a successful outcome for all parties involved.”
MORRISVILLE, PA. — Cushman & Wakefield has negotiated a 973,200-square-foot industrial lease in Morrisville, located near Trenton along the New Jersey-Pennsylvania border. The tenant is an undisclosed provider of warehouse services. The deal is for the entirety of the building located at 2300 S. Pennsylvania Ave., which is known as South Penn Logistics Center and features a clear height of 40 feet. John Gartland, Kevin Hagenberg and Chris Butera of Cushman & Wakefield represented the landlord, Chicago-based Logistics Property Co., in the lease negotiations. Kevin Dudley of CBRE represented the tenant.
PHILADELPHIA — Banco Inbursa has provided a $150 million senior construction loan for a multifamily project that will be located within Wharton Piers, a mixed-use waterfront development in South Philadelphia. The project will consist of a 36-story residential building and a single-story commercial building for a total of 620 market-rate apartments and 30,800 square feet of retail space. The borrower/developer is New York City-based Brevet Capital. Construction is expected to begin in early 2027, with leasing to commence in the fourth quarter of 2028. Full completion is slated for the first quarter of 2029.
EPHRATA, PA. — CBRE has brokered the sale of Ephrata Commons, a 54,810-square-foot shopping center located roughly midway between Philadelphia and Harrisburg. Regional grocer Redner’s Markets anchors the center, which is also home to tenants such as Tigon’s Nail & Spa, Wild Wings & Pizza and Gehman Jewelers. S&S Singh Partners purchased the center from Heidenberg Properties Group for an undisclosed price. Chris Munley, Colin Behr, Ryan Sciullo and Casey Benson Smith of CBRE brokered the deal.
PHILADELPHIA — Drexel University will open a 150,741-square-foot healthcare and life sciences facility in Philadelphia’s University City area. The space spans four of the 11 stories within the building at 3201 Cuthbert St., which is adjacent to Drexel’s campus. The university plans to consolidate the entirety of its research and laboratory operations within the Drexel University College of Medicine in the new building, which was designed by Robert A.M. Stern Architects and is owned by a partnership between Gattuso Development Partners and Vigilant Holdings. Occupancy is slated for mid-2027.
PITTSBURGH — CBRE has brokered the sale of a 52,750-square-foot shopping center in North Pittsburgh. Located at 4885 McKnight Road and known as McKnight Siebert, the center is home to tenants such as Walgreens, Starbucks, The UPS Store, Bruegger’s Bagels, Sport Clips and T-Mobile. First Washington Realty sold the center to full-service firm Shannon Waltchack for an undisclosed price. Chris Munley, Colin Behr, Ryan Sciullo, Casey Benson Smith, R.J. Mirabile and Michael Pascavis of CBRE brokered the deal.
NEWVILLE, PA. — Los Angeles-based PCCP LLC has acquired a 1.2 million-square-foot industrial property in Newville, about 35 miles west of Harrisburg, for $141.6 million. Completed in 2020 on a 93-acre site at 3419 Ritner Highway, the building features a clear height of 236 feet, 120 dock-high doors (expandable to 241), 200-foot truck court depths and parking for 265 cars and 437 trailers. John Plower and Ryan Cottone of JLL represented the undisclosed seller in the transaction. JLL also arranged an $82 million acquisition loan through QuadReal Property Group on behalf of PCCP. The building was fully leased at the time of sale to Newell Brands, a Fortune 500 manufacturer and distributor of consumer and commercial products.
GREENCASTLE, PA. — JLL has brokered the sale of a 251,043-square-foot distribution center in Greencastle, located near the Pennsylvania-Maryland border. The cross-dock facility at 12316 Molly Pitcher Highway was built on a 32.8-acre site in 2023 and was fully leased at the time of sale to U.S. government entities. Building features include a clear height of 32 feet, 45 dock-high doors, three drive-in doors, 130-foot truck court depths, parking for 125 cars and 300 trailers, vehicle repair and wash bays and climate-controlled storage areas. John Plower and Ryan Cottone of JLL represented the seller, Atapco Properties Inc., in the transaction.