Multifamily

PHILADELPHIA — NAI Bluestone Real Estate Capital has secured $36.5 million in senior debt for the Glen at Shawmont Station, a Class A, 202-unit multifamily complex located in Philadelphia. The Glen at Shawmont Station is a garden style apartment community consisting of 10, three-story buildings situated over 18 acres. The property is nearly 100 percent occupied with amenities such as a combination leasing office/clubhouse, which includes a full size kitchen, a leasing office, a sample apartment unit, an exercise facility and a cyber café with wireless Internet access. The loan was structured and secured on behalf of Hunters Pointe Associates, an affiliate of the Andorra Group. Freddie Mac provided $30 million in senior permanent financing and an additional $6.5 million was secured from local banks and collateralized by additional real estate assets. The 10-year, senior permanent loan is fixed at 6.2 percent and amortized over 30 years.

BINGHAMTON, N.Y. — White Plains, N.Y.-based Houlihan-Parnes Realtors (HPR) has brokered the sale of a 111-unit multifamily portfolio, located in Binghamton, for $1.5 million. The properties are located at 88-90 Henry St., 777 Chenango St., 7-9 Eaton Place, 10 Florence Ave., 27 Tompkins St. and 30 Webster St. All of the communities are locate within a 3-mile radius. Ed Graf and Ted Sannella of HPR negotiated the transactions, along with Steve Tierney of Woods, Oviatt, Gilman LPP. The undisclosed buyer secured a $1.15 million first-mortgage loan for the portfolio, which carries a 5-year term with a 5-year option and can be pre-paid at 1 percent in years 1 through 4 and years 6 through 9.