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Frankford Grand in Philadelphia
DevelopmentNewsNortheastPennsylvania

U.S. Development Completes 107-Unit Frankford Grand in Philadelphia

by Channing Hamilton

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. …

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FinanceNewsNortheastPennsylvania

Cronheim Mortgage Arranges $44.5 Million Refinancing for Two-Property Portfolio in Bethlehem, Pennsylvania

by Channing Hamilton

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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DevelopmentNewsNortheastPennsylvania

NewCourtland Delivers 178-Unit Mixed-Income Adaptive Reuse Project in Philadelphia

by Channing Hamilton

PHILADELPHIA — Locally based developer NewCourtland has completed a 178-unit mixed-income development in Philadelphia’s East Falls neighborhood. The project is the adaptive reuse of the former Eastern Pennsylvania Psychiatric Institution, which originally opened in 1956 and has been vacant since 2013. The property is now a 12-story residential complex that includes 40 affordable housing units for seniors. NewCourtland won a bid for the 14-acre site in 2015. Architecture firm Looney Ricks Kiss facilitated the transition of the site.

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Mount Penn Manor in Reading, Pennsylvania
Investment SalesNewsNortheastPennsylvania

Morgan Properties Acquires Portfolio of 11 Communities in Pennsylvania

by Channing Hamilton

KING OF PRUSSIA, PA. — Morgan Properties, a development and investment firm based in the Philadelphia suburb of King of Prussia, has acquired a portfolio comprising 3,434 units across 11 properties in Pennsylvania. Morgan purchased the communities from their original developer, DePaul Management Co. The sales price was not disclosed. Matt Stefanski and Zachary Pierce of Berkadia brokered the transaction. The portfolio consists of: The buyer plans to invest more than $80 million in capital improvements to the portfolio. Units throughout the portfolio will be renovated with updates to the …

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Broad + Noble in Philadelphia
DevelopmentLeasing & MarketingNewsNortheastPennsylvania

Toll Brothers Apartment Living Opens $112 Million Broad + Noble in Philadelphia

by Channing Hamilton

PHILADELPHIA — Toll Brothers Apartment Living has opened Broad + Noble, a $112 million high-rise development in Philadelphia’s Callowhill neighborhood. Broad + Noble comprises 326,000 square feet across 19 stories. The residential tower offers 344 units. According to the property website, units come in studio, one- and two-bedroom floor plans. Community amenities include a resident lounge, fitness center, two coffee bars, co-working studio, gaming lounge with billiards, media room, sky lounge, rooftop deck, pet spa, bike storage, package concierge system and community-wide Wi-Fi. The property also includes office and retail …

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Investment SalesNewsNortheastPennsylvania

Hudson Atlantic Brokers $6 Million Sale of Garrett House Apartments Near Philadelphia

by Channing Hamilton

DREXEL HILL, PA. — Matawan, New Jersey-based regional brokerage firm Hudson Atlantic has arranged the sale of Garrett House Apartments in the Philadelphia suburb of Drexel Hill. The property was built in 1960 and comprises 57 units. Apartments come in one-bedroom layouts. The original owner of the asset sold the property for $6 million. Neither party’s identity was disclosed. Adam Zweibel led the Hudson Atlantic team that brokered the deal.

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Garrett House Apartments in Drexel Hill, Pennsylvania
Investment SalesNewsNortheastPennsylvania

Hudson Atlantic Arranges Sale of Garrett House Apartments in Drexel Hill, Pennsylvania

by Channing Hamilton

DREXEL HILL, PENN. — Hudson Atlantic has arranged the sale of Garrett House Apartments, a 57-unit community in the Philadelphia suburb of Drexel Hill. The property traded hands for $6 million at a 5.8 percent cap rate. Adam Zweibel of Hudson Atlantic negotiated the deal. Garrett House Apartments was built in 1960. According to Apartments.com, the community features an on-site laundry room and off-street parking.

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Annual Absorption and Deliveries in Philadelphia Apartment Market (2016-2023)
DevelopmentFinanceInvestment SalesMarket ReportsNortheastPennsylvania

A Tale of Two Multifamily Markets in Philadelphia

by Channing Hamilton

Metro Philadelphia has commonly been characterized as stable by multifamily investors. It’s akin to a backhanded compliment when comparing our region to those with higher population growth or more “business-friendly” governments. Cue the overused “eds and meds” story that fails to reference the technology, life sciences or gene therapy industries, all of which help to diversify the region’s employment base and contribute to a strong economy. (The “eds,” of course, are institutions of higher learning and the “meds” are medical facilities.)  Historically, investors also haven’t differentiated between suburban Philadelphia, namely …

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FinanceNewsNortheastPennsylvania

Greystone Provides $20.2 Million Refinancing for Ray Philly in Philadelphia

by Channing Hamilton

PHILADELPHIA — Greystone has provided a $20.2 million Freddie Mac Optigo loan to refinance a construction loan for Ray Philly, a 110-unit property located on North American Street in Philadelphia. The financing carries a five-year term at a fixed rate, with a 30-year amortization. Steven Vainer of Greystone originated the financing. Ray Philly was built in 2023 by developers Six Acre Capital and Ray. Units come in studio, one-, and two-bedroom floor plans. Amenities include a fitness center, rooftop garden, living room and co-working lounge with a kitchen. The property …

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DevelopmentNewsNortheastPennsylvania

Milhaus, BAM Capital to Develop 272-Unit Nox Living in Pittsburgh Suburb

by Channing Hamilton

ROBINSON TOWNSHIP, PA. — A partnership consisting of developer Milhaus and investment firm BAM Capital will develop Nox Living, a 272-unit community in the western Pittsburgh suburb of Robinson Township. The property will offer studio, one-, two- and three-bedroom apartments. Amenities include a pool, fitness center, coworking space, resident lounge and outdoor grilling and dining stations. The development team expects to break ground on the community by July, with the first units slated to deliver by late 2025. 

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