PHILADELPHIA — Pennrose, a Philadelphia-based developer and operator of affordable and mixed-income housing, has appointed Timothy Henkel as CEO. Henkel, who formerly served as president, will oversee the company’s development and property management activities across 17 states, the District of Columbia and the Caribbean. As part of the succession plan, Executive Chairman of the Board Richard Barnhart and CEO Mark Dambly have transitioned from day-to-day responsibilities with the organization to active members of the Pennrose board. Additionally, Pennrose has named Charlie Adams as president of development. In this role, Adams will …
LEVITTOWN, PA. — Lument has provided a $24.8 million Freddie Mac acquisition loan for an affordable housing complex in Levittown, approximately 27 miles northeast of Philadelphia. The property was completed in 1972 and offers amenities such as clubhouse, fitness center, playground and outdoor grilling stations. The name of the asset was not disclosed. The buyer was an affiliate of New Jersey-based owner-operator Silverstein Properties. John Hurley of Lument originated the financing, which carried a five-year term and a 35-year amortization schedule, on behalf of the buyer. Zach Schwartz of Brook …
FORT WASHINGTON, PENN. — Jefferson Apartment Group (JAG), along with equity partner CP Capital, has delivered J Veridian at Upper Dublin in Fort Washington, about 25 miles north of Philadelphia. Situated on a 14 acre-site at 1125 Virginia Drive, the community spans 310 units across three five-story buildings. Units range from one- to three-bedroom floor plans. The complex also offers 12,000 square feet of indoor amenities anchored by a clubroom and bar. Other features include a game area with billiards, shuffleboard and arcade gaming, lounge, poker room, fitness center, resident movie …
PHILADELPHIA — Felicity Street Investments has purchased Lofts at Henry Hall, a 21-unit community located at 2209 N. Broad St. in Philadelphia, from V2 Properties for $3.6 million. Built in 2023, Lofts at Henry Hall offers a mix of one-, two- and three-bedroom apartments. The property also includes a 500-square-foot commercial space on the ground floor. Vince Peruto of Marcus & Millichap’s Philadelphia office marketed the property on behalf of the seller and procured the buyer in the transaction.
FORKS TOWNSHIP, PA. — Larken Associates has broken ground on Trailside Village, a 420-unit development situated on 37 acres along Sullivan Trail in Forks Township, 20 miles east of Allentown, Pennsylvania. The community will consist of 21 buildings, including 12 garden-style apartment buildings, seven garage buildings and two mixed-use buildings with 26,795 square feet of retail space. Development slated to complete in 2026. Tenants will have access to indoor amenities such as a clubhouse with game room, lounge, work pods, fitness center, pet spa, mailroom package concierge and storage space. …
Last year, developers in Philadelphia built hundreds of new row houses on vacant, city-owned lots. The houses would sell to new homeowners at affordable prices. Many housing advocates say it’s not nearly enough. While new, luxury apartments charge record-high rents in neighborhoods around Center City, other streets in Philadelphia are still lined with vacant lots strewn with trash. As rents rise across the city, Philadelphia’s new mayor, Cherelle Parker, has promised to produce 30,000 new units of affordable housing over four years. That’s more than 8,000 units of housing per …
EXTON, PA. — Locally based developer Hankin Group has begun construction on the second phase of Keva Flats in Exton, about 35 miles west of Philadelphia. Phase II will comprise 96 units across two buildings. The development team also plans to restore the site’s floodplain to help accommodate the high volume of water associated with severe storms in the region. The project is slated for completion in fall 2026. Phase I of Keva Flats featured 242 units in one-, two- and three-bedroom floor plans across six buildings. Amenities include a …
PITTSBURGH — A joint venture between Greystar and ECHO Realty has broken ground on a mixed-use project located at the intersection of Penn and Shady avenues in Pittsburgh. The development will include Ophelia, a 231-unit apartment community by Greystar, as well as The Meridian, a 44,000-square-foot retail project spearheaded by ECHO Realty, and parking for both retail and residential uses. Ophelia will offer units in studio, one- and two-bedroom floor plans. Thirty-five apartments will be subject to income restrictions under the city’s affordable housing program. Planned amenities include a fitness center …
PHILADELPHIA — U.S. Development has completed Frankford Grand, a 107-unit community located at 1120 Frankford Ave. in the Fishtown neighborhood of Philadelphia. The unit mix includes 50 studios, 32 one-bedroom units and 25 two-bedroom apartments. The first move-ins at the community began on September 15. Amenities include a full-size gym, courtyard garden with bocce ball courts, firepit area, sun deck, 12,000-square-foot green roof and a panoramic roof deck with an outdoor kitchen, grilling areas and shaded terraces. Frankford Grand also includes 15,000 square feet of retail space across two floors. …
BETHLEHEM, PA. — Cronheim Mortgage has arranged a $44.5 million loan for the refinancing of a portfolio consisting of two undisclosed garden-style communities in Bethlehem. The direct lender was not disclosed. The borrower, Larken Associates, will use the funds to cash out and allocate equity toward other projects. The borrower has made capital improvements to both assets during its ownership period, including the construction of 16 new townhomes at one property.
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