PHILADELPHIA — WinnCos., a developer and operator of affordable and market-rate housing, has purchased Carl Mackley Houses, a historic housing complex in Philadelphia, with plans to implement a $23.7 million renovation. The property, which is located on the city’s northeast side and currently houses 184 affordable housing units, originally opened during the Great Depression era. Named for Carl Mackley, a 22-year-old union worker who was shot and killed on March 6, 1930 while supporting a strike at the H.C. Aberle Co., the complex earned a spot on the Philadelphia Register of Historic Places in 1982 and the National Register of Historic Places in 1998. The rehabilitation effort will modernize apartment kitchens and bathrooms in four residential buildings; install central air conditioning in all units; replace all windows and roofs; and upgrade common areas. The project is being financed primarily by tax-exempt bond financing and an allocation of 4 percent Low-Income Housing Tax Credits from the Pennsylvania Housing Finance Agency.
STATE COLLEGE, PA. — University Partners has acquired HERE, a 755-bed student housing community located near the Pennsylvania State University campus in State College. The property was built in 2020 and offers one-, two-, three-, four- and five-bedroom units with bed-to-bath parity. Communal amenities include 30,000 square feet of retail space, private study rooms and a penthouse sky lounge with a kitchen and deck, as well as a spa with a hot tub and sauna.
EVESHAM TOWNSHIP, N.J. — Capitol Seniors Housing has broken ground on Arbor Terrace Marlton, a project in Evesham Township near Philadelphia that will consist of 60 assisted living apartments and 27 memory care units. The 76,500-square-foot community will be located near several major medical facilities and will offer amenities such as a private dining area, theater, bistro, hair salon, lounges and outdoor amenity spaces with artwork and a pond. Meyer Senior Living Studio is designing the project, and IMC Construction is the general contractor. The opening is scheduled for early 2022.
WILLOW STREET, PA. — Black Bear Capital Partners has arranged an $11 million acquisition loan for The Villas at Willow Run, a 72-unit multifamily asset in Willow Street, located roughly midway between Philadelphia and Harrisburg. The 12-building property was completed in 2019. Emil DePasquale, Brandon Harris and Phil Bowman of Black Bear Capital Partners arranged the loan, which carried a 3.74 percent fixed interest rate and 10 years of interest-only payments, through Morgan Stanley. The borrower was Laub Realty, an owner-operator with more than 2,000 multifamily units and 1 million square feet of commercial space in its portfolio.
PHILADELPHIA — NAI Mertz has negotiated a 200,000-square-foot industrial lease in the Port Richmond neighborhood of northeast Philadelphia. The building at 225 Castor Ave. features clear heights of 15 and 16 feet, 14 loading docks and 1,512 square feet of office space. Jonathan Klear and Fred Meyer of NAI Mertz represented the landlord in the lease negotiations. The tenant is Dependable Distribution Services Inc., the largest cocoa bean storage company in North America that also recently signed a 71,445-square-foot lease in nearby Camden, New Jersey.
PHILADELPHIA — Black Bear Capital Partners has arranged a $17.5 million loan for the refinancing of a portfolio of five multifamily properties totaling 239 units in Philadelphia. The properties are located at 4619-4621 Chester Ave.; 4601 Chester Ave.; 419-429 S. 48th St.; 241 S. 47th St.; and 4416-18 Osage Ave. Peapack-Gladstone Bank provided the loan, specific terms of which were not disclosed, to New Horizons Housing, an owner-operator of more than 800 units in Philadelphia and Columbus, Ohio. Emil DePasquale, Brandon Harris and Phil Bowman of Black Bear Capital Partners arranged the financing.
NORTH PLAINFIELD, N.J. — Levin Management Corp. has negotiated four lease renewals for Virginia-based discount retailer Dollar Tree in New Jersey and Pennsylvania. The New Jersey locations include a 14,500-square-foot space at Brunswick Shopping Center, a 10,300-square-foot shop in Watchung and a 9,400-square-foot store in Franklin Township. The Pennsylvania location is situated in Middletown and spans 9,000 square feet.
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.
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.
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.