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Pennsylvania

Matson-Mill-West-Conshohocken
DevelopmentMultifamilyNortheastPennsylvania

High Street, MetLife Complete 280-Unit Multifamily Project in Metro Philadelphia

by Taylor Williams

WEST CONSHOHOCKEN, PA. — High Street Residential and MetLife Investment Management have completed a 280-unit multifamily project located on the northern outskirts of Philadelphia. Matson Mill is a transit-served property located along the banks of the Schuylkill River in West Conshohocken that offers one-, two and three-bedroom units. Amenities include a pool, outdoor kitchen with seating areas, fitness center, package handling room, game room and a dog wash station. Hord, Coplan & Macht Inc. designed the project, and IMC Construction served as the general contractor. Rents start at approximately $2,000 per month for a one-bedroom unit.

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The-Birch-Conshohocken
DevelopmentMultifamilyNortheastPennsylvania

LCOR Begins Leasing 304-Unit Apartment Community in Metro Philadelphia

by Taylor Williams

CONSHOHOCKEN, PA. — LCOR, a developer with three offices in the Mid-Atlantic region, has begun leasing The Birch, a 304-unit apartment community located in the northern Philadelphia suburb of Conshohocken. The property offers studio, one- and two-bedroom units and 17,000 square feet of amenity space that houses a pool, fitness center, lounges and a golf simulator. Rents start at $1,755 per month for a studio apartment. The first move-ins will begin on Sept. 1.

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DevelopmentLoansMultifamilyNortheastPennsylvania

Bellwether Enterprise Arranges $20M Loan for Renovation, Construction of Lehigh Valley Apartments

by Taylor Williams

ALLENTOWN, PA. — Bellwether Enterprise Real Estate Capital has arranged a $20 million loan for the renovation and construction of Cityplace North & South, a 204-unit apartment complex in the Lehigh Valley city of Allentown. The North Building is a conversion of a hotel into apartments that opened in early 2020, and the South Building is ground-up construction. An undisclosed life insurance company provided the loan. The borrower was also not disclosed.

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LoansMultifamilyNortheastPennsylvania

Bellwether Enterprise Arranges $40M Permanent Loan for Metro Philadelphia Multifamily Property

by Taylor Williams

CHERRY HILL, N.J. — Bellwether Enterprise Real Estate Capital has arranged a $40 million loan for the permanent financing of a 192-unit apartment and townhome community located outside of Philadelphia in Cherry Hill. The newly built property offers one-, two- and three-bedroom units, and amenities such as a pool, rooftop terrace, fitness center, dog park and a clubhouse with a billiards room, lounge and bar area. An undisclosed life insurance company provided the loan. The borrower was Montgomery Group.

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AcquisitionsIndustrialNortheastPennsylvania

JLL Brokers $54.5M Sale of Lehigh Valley Warehouse, Distribution Center

by Taylor Williams

SHOEMAKERSVILLE, PA. — JLL has brokered the $54.5 million sale of a 310,238-square-foot warehouse and distribution center located in the Lehigh Valley community of Shoemakersville. Built on roughly 24 acres in 2022, the facility features a clear height of 36 feet, 40 loading doors, 185-foot truck court depths and parking for 81 trailers and 185 cars. John Plower, Ryan Cottone, Jeff Lockard and Ryan Barros of JLL represented the seller, a joint venture between The Keith Corp. and The Kiel Group, in the transaction. The buyer was not disclosed. At the time of sale, the facility was fully leased to online fashion retailer Revolve Group and Arcadian Crossing Consumer Products, which provides disposable tabletop and food storage solutions.

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LoansMultifamilyNortheastPennsylvaniaSeniors Housing

VIUM Capital Provides $14.3M Bridge Loan for 144-Unit Seniors Housing Community in Pennsylvania

by Taylor Williams

PENNSYLVANIA — VIUM Capital has provided a $14.3 million bridge-to-HUD loan for the refinancing of a 144-unit seniors housing community in Pennsylvania. The name and address of the property, which provides independent living, assisted living and memory care services, were not disclosed. The undisclosed borrower will use a portion of the proceeds to fund a change in unit mix and other capital upgrades.

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Leasing ActivityNortheastPennsylvaniaRetail

Whole Foods Market Opens 54,667 SF Store in Pittsburgh’s East Liberty Area

by Taylor Williams

PITTSBURGH — Austin, Texas-based Whole Foods Market has opened a 54,667-square-foot store at 5700 Penn Ave. in Pittsburgh’s East Liberty neighborhood. The store will feature full-service meat and seafood counters, an artisanal cheesemaking department, coffee bar, prepared foods section and a selection of more than 250 craft beers and 700 wines. The store, which is a relocation of a market at 5880 Centre Ave. that served the community for more than 20 years, officially opened on Wednesday, Aug. 10.

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HospitalityLoansNortheastPennsylvania

JLL Arranges $56.3M Acquisition Loan for Sofitel Philadelphia Hotel

by Taylor Williams

PHILADELPHIA — JLL has arranged a $56.3 million acquisition loan for the 306-room Sofitel Philadelphia Hotel, located in the city’s Rittenhouse Square area. The luxury hotel offers a variety of room plans, including suites, as well as multiple onsite dining options. Mark Fisher and Ryan Ade of JLL arranged the loan through Square Mile Capital Management on behalf of the borrower, a joint venture between funds managed by Oaktree Capital Management and Clearview Hotel Capital.

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Leasing ActivityNortheastOfficePennsylvania

Ace American Insurance Signs 140,585 SF Office Lease Renewal in Philadelphia

by Taylor Williams

PHILADELPHIA — Ace American Insurance Co. has signed a 140,585-square-foot office lease renewal at The Washington, a historic building located within Philadelphia’s Independence Mall. The owner, Keystone Development + Investment, purchased the 880,000-square-foot building in 2016 and implemented an adaptive reuse program. Brian Young, Jack Meyers, Howard Traul and Dan Brogan of Cushman & Wakefield represented Keystone in the lease negotiations.

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AcquisitionsMultifamilyNortheastPennsylvaniaStudent Housing

MultiVersity Housing Partners Sells Student Housing Property in Slippery Rock, Pennsylvania

by Taylor Williams

SLIPPERY ROCK, PA. — MultiVersity Housing Partners (MVHP) has sold University Village at Slippery Rock, a student housing community located north of Pittsburgh. The community offers two- and four-bedroom fully furnished units alongside additional shared amenities including a fitness center, volleyball and basketball courts, fire pits and a dog park. The buyer was undisclosed. MVHP acquired the asset in August 2010 and implemented $3.5 million in capital expenditures over the course of the 12-year holding period, including renovations to units, the addition of a resort-style pool and enhancements to the clubhouse and other amenity spaces.

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