NAI BLUESTONE SECURES $36.5 MILLION LOAN

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.