ANNVILLE, PA. — Berkadia has arranged $12.8 million in Low-Income Housing Tax Credit (LIHTC) equity financing for Carmany Place Apartments, a 48-unit affordable housing project in Annville, an eastern suburb of Harrisburg. The property will consist of three buildings with 30 two-bedroom units and 18 three-bedroom units that will be reserved for households earning between 20 and 80 percent of the area median income. Brian Blanchard of Berkadia secured the equity on behalf of the sponsor, Völker Development. Fulton Bank purchased the tax credits and also provided construction debt for the project.
BUCKS COUNTY, PA. — Walker & Dunlop has arranged the sale of a 146-unit seniors housing property in Bucks County. The unnamed property, which was developed in 2022 and is located about 30 miles north of Philadelphia, offers independent living, assisted living and memory care services. The buyer was a public healthcare REIT. The seller and sales price were not disclosed. Joshua Jandris, Mark Myers and Brett Gardner led the Walker & Dunlop team on the transaction.
PHILADELPHIA — Coldwell Banker Commercial Realty has brokered the $14 million sale of a 136,000-square-foot office building located at 399 Market St. in Philadelphia’s Old City neighborhood. According to LoopNet Inc., the building rises five stories and was originally constructed in 1977. Peter Rothberg and Jonathan Dubrow of Coldwell Banker represented the seller, Colonial Penn Life Insurance, in the transaction. OCF Realty purchased the property in an off-market transaction. Coldwell Banker is also the building’s leasing agent.
PHILADELPHIA — Pennsylvania-based multifamily developer Toll Brothers Inc. (NYSE: TOL) has completed Broad + Noble, a 344-unit apartment community in Philadelphia’s Center City District. The 19-story building includes underground parking spaces and street-level commercial space. Amenities include music, media and podcast rooms, conservatory and private dining rooms, a fitness center with yoga and spin studios and a sky lounge with an outdoor deck area. Barton Partners served as the project architect, and O’Donnell & Naccarato handled engineering initiatives. Wells Fargo provided construction financing for the project, which Toll Brothers developed in partnership with Utah-based investment firm Sundance Bay.
STATE COLLEGE, PA. — Berkadia has arranged the $24.5 million sale of Blue Course Commons, a 276-bed student housing property that serves students at Penn State University in State College. The 92-unit property was fully occupied at the time of sale. Matthew Stefanski, Zachary Pierce, Maura Spellman, Kevin Larimer and Brandon Buell of Berkadia represented the seller, Pennsylvania-based College Town Communities, in the transaction. The buyer was Pennsbury Capital.
PHILADELPHIA — Stockton Real Estate Advisors has negotiated the sale of 1760 Market Street, a 126,000-square-foot office building in downtown Philadelphia. The building offers a tenant lounge and conference center, as well as indoor bike storage space. Stockton previously co-owned the building and repositioned the asset for sale in 2018 via renovation of the penthouse suite, which now features private rooftop decks and mezzanine space, as well as the introduction of new building systems. The buyer and seller were not disclosed.
CONSHOHOCKEN, PA. — Morgan Properties, a development and investment firm based in metro Philadelphia, has acquired a portfolio of 11 multifamily properties totaling 3,434 units in Pennsylvania. Morgan purchased the properties from their original developer, DePaul Management Co. The price was not disclosed. Matt Stefanski and Zachary Pierce of Berkadia brokered the transaction. The portfolio consists of: The new ownership plans to invest more than $80 million in capital improvements to the portfolio. Renovations will feature upgrades to units’ kitchens and bathrooms, as well as the installation of in-unit washers and dryers. Morgan will update lighting, landscaping, roofing and parking areas at all properties and install high-efficiency heating systems. Amenity and common area enhancements will also be undertaken throughout the portfolio. These initiatives will include fitness center upgrades and expansions; construction of exterior dog parks and pet wash stations; and additions of new amenities like Amazon package hubs, playgrounds, pickleball courts and outdoor grilling and dining stations. “The DePaul acquisition directly supports our strategic goal of acquiring large multifamily portfolios with high barriers to entry where our market concentration will enable us to achieve operational efficiencies and capitalize on economies of scale,” says Jonathan Morgan, president of Morgan Properties. — …
MILTON, PA. — The Prestige Group Realty Advisors has brokered the sale of Rockwell Center, a 220-bed former assisted living community in Milton, a borough in Central Pennsylvania. In the early 1980s, a local real estate entrepreneur purchased a former Milton high school and repositioned the property for seniors housing usage. The founder’s family made the decision to close the facility in June 2023. The buyer was a local real estate entrepreneur who plans to reopen the facility.
DREXEL HILL, PA. — MCB Real Estate, a Baltimore-based development and investment firm, has broken ground on a 60,000-square-foot medical office building in Drexel Hill, a western suburb of Philadelphia. The three-story structure will be known as Drexeline Medical Office Building and is fully preleased to Delaware County Human Services (45,000 square feet) and Children’s Hospital of Philadelphia (15,000 square feet). Delivery is slated for the second quarter of 2025. Scott Williams of JLL represented MCB in both deals.
WAYNE, PA. — Private equity real estate firm PPR Capital Management has signed a 12,800-square-foot office headquarters lease in Wayne, a northwestern suburb of Philadelphia. The company is relocating from a 7,000-square-foot space in nearby Berwyn. The new space is located within the CrossPoint complex and features 41 open-seat desks, eight dedicated offices, a boardroom, six conference rooms, three open huddle areas, a phone room and a podcast room. KBS Realty Advisors owns CrossPoint.