JLL Arranges $43M Loan for Office, Retail Redevelopment Project in Metro Philadelphia


Upon completion, Drexeline Town Center in metro Philadelphia will include retail, multifamily and self-storage uses.

DREXEL HILL, PA. — JLL has arranged a $43 million loan for Drexeline Town Center, an office and retail redevelopment project located on the western outskirts of Philadelphia. The 18.5-acre site currently houses five retail and office buildings that were originally constructed between the early 1950s and 2000s. The borrower, a partnership between Baltimore-based MCB Real Estate and New Jersey-based Hampshire Cos., plans to redevelop the center into a mixed-use destination. Initial plans call for a 172-unit apartment complex, a 120,000-square-foot self-storage facility, a 72,000-square-foot ShopRite grocery store, a PNC bank branch, a Wawa convenience store and fuel station and 20,440 square feet of pad and inline retail space. Jon Mikula, Michael Klein and Michael Lachs of JLL placed the loan through Investors Bank, a division of Citizens Bank.

Content Partners
‣ Arbor Realty Trust
‣ Bohler
‣ Lee & Associates
‣ Lument
‣ NAI Global
‣ Northmarq
‣ Walker & Dunlop

Subscribe to the newsletter

Webinars on Demand

Read the Digital Editions

Northeast Multifamily & Affordable Housing Business

Midwest Multifamily & Affordable Housing Business

Western Multifamily & Affordable Housing Business

Texas Multifamily & Affordable Housing Business

Southeast Multifamily & Affordable Housing Business

Heartland Real Estate Business

Northeast Real Estate Business

Southeast Real Estate Business

Texas Real Estate Business

Western Real Estate Business

Shopping Center Business

California Centers

Student Housing Business

Seniors Housing Business

Featured Properties