FAIRLESS HILLS, PA. — Cronheim Mortgage has arranged a $33.5 million mortgage loan for Fairless Hills Towne Center, a retail center located in Fairless Hills. The borrower is a joint venture between Larken Associates and Red Starr Investment. The loan was placed with an investment bank and structured with a seven-year term and 30-year amortization schedule after an 18-month interest-only payment period. The permanent loan refinanced the bridge loan used to acquire and reposition the property. The borrowers acquired the 294,000-square-foot center, which is anchored by Giant Food/Pharmacy, in 2015.
DUNMORE, PA. — Hinerfield Commercial has arranged the sale of an industrial property located at 150 Grove St. in Dunmore. A coffee manufacturer from New Jersey acquired the property for an undisclosed price. The buyer plans to move its operations to the 166,499-square-foot facility. The facility was originally constructed in 1919 as a silk mill. The name of the seller and acquisition price were not released.
JESSUP AND WILKES-BARRE, PA. — Cushman & Wakefield has arranged the sale of a three-building industrial portfolio located in Jessup and Wilkes-Barre. Endurance Real Estate Group sold the 544,974-square-foot portfolio to NorthPoint Development for an undisclosed price. The buildings are located at 7 and 17 Alberigi Drive in Jessup and 32 Earth Conservancy Drive in Wilkes-Barre. Originally developed as part of a joint venture partnership between MetLife and Chicago-based Versus Development, the buildings feature 30-foot clear height ceilings, T-5 light and the potential to expand car and trailer parking, as well as loading positions. Gerard Blinebury, Gary Gabriel, Jeffrey Williams and Daniel Walsh of Cushman & Wakefield represented the seller in the deal.
UPPER DUBLIN, PA. — Citizens Bank has provided $17 million in financing to NHM Housing, a partnership of Pennrose Properties and Montgomery County Housing Authority, for a redevelopment project in Upper Dublin. The project will replace 50 units of outdated public housing at 300 Linden Ave. known as North Hills Manor. The existing units, which were built in 1954, will be demolished and replaced with 50 new apartment units in 17 residential buildings ranging in size from one- to four-bedrooms. Additionally, the redevelopment will feature a community building offering a common room, computer lab and property management office. The units are dedicated to families with incomes at or below 60 percent of area median income.
GILBERTSVILLE, PA. — Brixmor Property Group has sold Gilbertsville Shopping Center, a grocery-anchored retail center located at 1050 E. Philadelphia Ave. in Gilbertsville, a suburb of Philadelphia. The Westover Cos. bought the property for an undisclosed price. Weis Markets anchors the 85,576-square-foot center, which was constructed in 1976. The 95.6 percent leased center is also home to Anytime Fitness, T-Mobile, Pet Valu, Dairy Queen, National Auto Stores, Great Clips, Quest Diagnostics, KeyBank and Fine Wine & Good Spirits. Chris Munley, Michael DiCosimo and Jose Cruz of HFF represented the seller in the deal.
YORK, PA. — STAG York, a wholly owned subsidiary of STAG Industrial, has acquired an industrial facility located at 2925 E. Market St. in York. Alliance Partners HSP sold the property for $19 million. Stauffers Biscuit Co. occupies 255,000 square feet of the 390,000-square-foot facility. The buyer has engaged Cushman & Wakefield to market the remaining 135,000 square feet of the property, which is suited for warehousing and distribution. Prior to selling, Alliance completed capital improvements at the property including a new roof, upgraded loading docks and enhanced truck circulation. Gerard Blinebury, Joseph Hill Jr., Pat McBride and Robert Yoshimura of Cushman & Wakefield represented the seller in the deal.
PHILADELPHIA — Brandywine Realty Trust (NYSE: BDN), in partnership with Drexel University, has broken ground on Phase I of the mixed-use, master-planned Schuylkill Yards Innovation Community in West Philadelphia’s University City district. The first phase of the $3.5 billion development will include a 1.3-acre community park at the corner of 30th and Market streets known as Drexel Square, which will be situated directly across from Amtrak’s 30th Street Station. Other components of Phase I include 4.6 acres of entrepreneurial space, educational facilities, research laboratories, corporate offices, residential and retail spaces, hotels and open public spaces. SHoP Architects and West 8 Landscape Architects designed Drexel Square, which represents the first swath of the 6.5 acres of green space planned for Schuylkill Yards. Brandywine and Drexel plan to deliver Drexel Square by the fourth quarter of 2018. “We are proud that our first project in Schuylkill Yards will deliver a green public gathering space where the community can connect, interact and share experiences,” says Jerry Sweeney, president and CEO of Philadelphia-based Brandywine Realty Trust. Later phases of Schuylkill Yards will include the redevelopment of the former Bulletin Building, and the development of two towers at 3003 and 3025 JFK Blvd. In conjunction …
OXFORD, PA. — Presbyterian Senior Living has completed a $14.4 million expansion at Ware Presbyterian Village, a continuing care retirement community (CCRC) in Oxford, located midway between Philadelphia and Baltimore. The project added a 61-unit building named Westminster Place to the property. Of the new units, 31 have income restrictions set by the Pennsylvania Housing and Financing Administration. Based in nearby Dillsburg, Pa., Presbyterian Senior Living is a nonprofit seniors housing provider with 30 locations in the Mid-Atlantic region.
SHIPPENSBURG, PA. — Berkadia has arranged $32.5 million in financing for Deerfield Commons, a multifamily property located at 100 Deerfield Commons in Shippensburg. Deerfield Commons LP is the borrower. Brian Campbell, Jeremy Lynch and Jake Adoni of Berkadia secured the permanent refinancing loan through the firm’s Fannie Mae program for the borrower. The 10-year fixed-rate, non-recourse loan represented a 75 percent loan-to-value ratio and included two years of interest-only payments followed by a 30-year amortization schedule. The property, which was 95 percent leased at the time of financing, features one-, two- and three-bedroom floor plans. On-site amenities include a fitness center, swimming pool, business center, ponds and wildlife areas.
PITTSTON, PA. — Woodmont Industrial Partners has completed the disposition of an industrial building located at 1 Commerce Road in Pittston. The name of the buyer and acquisition price were not disclosed. Woodmont Industrial Partners completed an extensive capital improvement plan at the 437,446-square-foot building, which was formerly a Penguin Random House distribution center. The renovation program included additional loading docks, natural gas conversion, upgraded lighting and power. Additionally, the property features a high-bay section offering 48-foot to 54-foot clear height with racking in place, a 269-car parking lot and a rail line behind the building.