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Pennsylvania

Fishtown-Kensington-Village-Philadelphia
DevelopmentMultifamilyNortheastPennsylvania

Saxum Real Estate to Develop 297-Unit Apartment Community in Philadelphia

by Taylor Williams

PHILADELPHIA — New Jersey-based Saxum Real Estate Cos. will develop Fishtown Kensington Village, a 297-unit apartment community in the Fishtown neighborhood of Philadelphia. The property will feature loft, studio, one- and two-bedroom units with stainless steel appliances, tile backsplashes and quartz countertops. Amenities will include a coworking café, two clubrooms, an industrial kitchen, lounge, two rooftop terraces and a fitness center. Thomas Didio, Michael Klein and Ryan Ade of JLL arranged a three-year, floating-rate construction loan in the amount of $46.5 million for the project through Valley Bank. Completion is slated for summer 2022.

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AcquisitionsIndustrialNortheastPennsylvania

J.G. Petrucci Acquires 135,082 SF Industrial Portfolio in Lehigh Valley

by Taylor Williams

ALLENTOWN, PA. — Locally based investment and development firm J.G. Petrucci Co. Inc. has acquired the Iron Run Lehigh Portfolio, two industrial buildings totaling 135,082 square feet in Allentown. The portfolio consists of a 99,782-square-foot building that is situated on 10.6 acres at 6980 Snowdrift Road and a 41,390-square-foot building that sits on four acres at 7020 Snowdrift Road. Michael Hines, Brad Ruppel, Brian Fiumara, Bo Cashman, Jonathan Board and Lauren Dawicki of CBRE represented the seller, Penwood Real Estate Management, in the transaction.

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IndustrialLeasing ActivityNortheastPennsylvania

Newmark Negotiates 128,000 SF Industrial Lease in Lansdale, Pennsylvania

by Taylor Williams

LANSDALE, PA. — Newmark has negotiated a 128,000-square-foot industrial lease at 1180 Church Road in Lansdale, about 30 miles north of Philadelphia. According to LoopNet Inc., the property spans 452,323 square feet, sits on 37.2 acres and features clear heights of 20 to 24 feet. Justin Bell of Newmark represented the tenant, logistics firm Hughes Relocation Services, in the lease negotiations. Velocity Venture Partners owns the building.

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Leasing ActivityNortheastOfficePennsylvania

GRB Law Signs 17,160 SF Office Lease in Pittsburgh

by Taylor Williams

PITTSBURGH — GRB Law, a Pittsburgh-based firm, has signed a 17,160-square-foot office lease for its new headquarters at 525 William Penn Place. The firm has operated out of the historic Frick Building as one of its original tenants dating back to the early 20th century. GRB Law plans to take occupancy of its new space in the fourth quarter. Dan Adamski and Reid Mauro of JLL represented the firm in its site selection and lease negotiations.

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Piazza-Terminal-Philadelphia
DevelopmentMultifamilyNortheastPennsylvania

Post Brothers Underway on 1,144-Unit Multifamily Project in Philadelphia

by Taylor Williams

PHILADELPHIA — Locally based multifamily developer Post Brothers is underway on construction of Piazza Terminal, a three-building, 1,144-unit multifamily project in the Northern Liberties neighborhood of Philadelphia. The transit-oriented development, which is slated for completion in December 2022, will also include retail and open green space. Piazza Terminal will offer amenities such as a fitness center and a dog park. BKV Group is the project architect, and Bohler is the civil engineer.

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IndustrialLeasing ActivityNortheastPennsylvania

South Atlantic Packaging Signs 133,055 SF Industrial Lease in Reading, Pennsylvania

by Taylor Williams

READING, PA. — North Carolina-based South Atlantic Packaging Corp. has signed a 133,055-square-foot industrial lease at 1091 Arnold Road in the Eastern Pennsylvania city of Reading. CBRE represented the landlord, an affiliate of Link Logistics Real Estate, in the lease negotiations. Del Markward of Markward Group represented the tenant.

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LoansMultifamilyNortheastPennsylvania

Naftali Credit Partners Provides $10M Mezzanine Loan for Philadelphia Multifamily Project

by Taylor Williams

PHILADELPHIA — Naftali Credit Partners, a debt fund and subsidiary of global investment firm Naftali Group, has provided a $10 million mezzanine loan for a multifamily project that is under construction at 4224 Baltimore Ave. in Philadelphia. The six-story property will be located in the University City neighborhood will consist of 132 units and 19,000 square feet of retail space. The borrower and developer is New York City-based Thylan Associates.

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Leasing ActivityLife SciencesNortheastOfficePennsylvania

CBRE Negotiates 44,000 SF Life Sciences Headquarters Lease in Philadelphia

by Taylor Williams

PHILADELPHIA — CBRE has negotiated a 44,000-square-foot life sciences headquarters lease for biotechnology firm Biomeme at 401 N. Broad St. in Philadelphia. The new headquarters includes space for lab, office and manufacturing uses. Christian Dyer of CBRE represented the landlord, Netrality Data Centers, in the lease negotiations. The representative of the tenant was not disclosed. Since acquiring the 11-story building in 2014, Netrality Data Centers has invested for more than $50 million in capital improvements.

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Affordable HousingDevelopmentLoansMultifamilyNortheastPennsylvaniaSeniors Housing

KeyBank Provides $23M in Financing for Affordable Seniors Housing Project Near Pittsburgh

by Taylor Williams

CANONSBURG, PA. — KeyBank’s Community Development Lending & Investment (CDLI) division has provided $23 million in financing for the construction of an affordable seniors housing project in Canonsburg, located about 20 miles south of Pittsburgh. The financing consisted of an $11 million construction loan and $12 million in low-income housing tax credit (LIHTC) equity. The Pennsylvania Housing Finance Agency also provided a $1.3 million permanent loan. The borrower is a partnership between Ohio-based developer MVAH Partners LLC and nonprofit operator Blueprints. David Lacki and Laura Janosko of KeyBank’s CDLI team structured the debt, while Ryan Olman, also with the CDLI team, structured the equity. The property will consist of 50 units, approximately 85 percent of which will be reserved for seniors earning between 20 and 60 percent of the area median income. The remaining eight units will be rented at market rates. Completion is scheduled for spring 2022.

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Arbor-Terrace-Exton
DevelopmentMultifamilyNortheastPennsylvaniaSeniors Housing

Capitol Seniors Housing Opens 88-Unit Community Near Philadelphia

by Taylor Williams

WEST WHITELAND TOWNSHIP, PA. — Capitol Seniors Housing has opened Arbor Terrace Exton, an 88-unit seniors housing community in West Whiteland Township, about 30 miles west of Philadelphia. The 78,000-square-foot facility offers personal and memory care services. Amenities include a bistro, clubroom, library with children’s nook, salon, theater and a multi-purpose art room. Meyer Senior Living Studio designed the project, and IMC Construction served as the general contractor.

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