NEWVILLE, PA. — Northmarq has negotiated the sale of Big Spring Terrace, a 159-unit manufactured housing community in Newville, about 140 miles west of Philadelphia. Anthony Pino and Ari Azarbarzin represented the seller, Big Springs Properties, in the transaction. The buyer and sales price were not disclosed. Big Spring Terrace was originally built in 1975 on a 94-acre site. The property was roughly 94 percent occupied at the time of sale.
UPPER DARBY, PENN. — Dwight City Group, the real estate investment affiliate of Dwight Capital, has opened 901 Quarry, the adaptive reuse of a former 125,000-square-foot warehouse in the Philadelphia suburb of Upper Darby. The building was originally constructed in 1925 and had been dormant for over three decades. 901 Quarry offers 84 units in one- and two-bedroom floor plans. Amenities include onsite parking, a playground and a dog park that will be completed next Spring.
New residential towers and half-built high-rises crowd the Philadelphia skyline. Developers are building more apartments here than at any other time since real estate research firms started keeping track. It’s a big change for Philadelphia, which is not known for building booms, particularly within the city limits. Leading developers say they would break ground on even more apartments if they could, even as the number of vacant units creeps higher. However, hesitant banks and high interest rates have halted many development plans for now. High construction costs and the loss …
SCOPE Capital Group Secures Arranges $16 Million in Financing for The Washington Apartments in Philadelphia
PHILADELPHIA — SCOPE Capital Group has arranged $16 million in bridge-to-HUD financing for The Washington Apartments, a 72-unit complex in Philadelphia’s Kensington neighborhood. An undisclosed regional bank provided the three-year, interest-only loan to the borrower and developer, Philadelphia-based Trinity Realty Cos. Units come in one- and two-bedroom layouts with an average size of 881 square feet. Amenities will include a fitness center, business center and a rooftop deck, as well as ground-floor commercial space.
PHILADELPHIA — McGovern Holdings and Saxum Real Estate have opened Hagert & York Apartments, a 294-unit community in Philadelphia. Hagert & York is located on the 1900 block of E. Hagert St. and E. York St. in the city’s Fishtown neighborhood. The building is pet-friendly and offers amenities such as a coffee house with co-working space, two rooftop lounges, fitness centers, clubrooms and EV charging stations.
PHILADELPHIA — EQT Exeter has completed development of The Clark, a six-story community in Philadelphia’s University City neighborhood. The Clark will open for residency in August 2023 and will be managed by Greystar. The building will offer 327 units in studio, one- and two- bedroom layouts. Amenities include a rooftop lounge with a grilling terrace, fitness center, co-working spaces with Wi-Fi connectivity and printers, a game lounge and a food delivery hub. The Clark is located in proximity to the University of Pennsylvania and Drexel University, as well as the Children’s …
FORT WASHINGTON, PENN. — John McCullough has been promoted to the role of president at Toll Brothers Apartment Living, the multifamily division of Fort Washington-based Toll Brothers, Inc. In this role, McCullough will be responsible for leading all acquisitions, development, branding, marketing and operations across the company’s U.S. portfolio. He previously served as senior vice president and managing director at Toll Brothers Apartment Living from its inception in 2012. Prior to joining Toll Brothers, he worked for Tishman Speyer Properties. McCullough received a Bachelor of Science in Economics from the …
Westrum Development Co. Opens $28 Million Luxor Lifestyle Apartments Lansdale in Lansdale, Pennsylvania
LANSDALE, PENN. — Westrum Development Co. has opened Luxor Lifestyle Apartments Lansdale, a $28 million community in Lansdale, 28 miles northwest of Philadelphia. Luxor Lifestyle Apartments Lansdale offers 211 units in studio, one- and two-bedroom floor plans. Amenities include a pool, fitness center, yoga studio, dog park and courtyard. Meyer provided design and architecture services for the project, which broke ground in March 2021. Mulhern & Kulp provided structural engineering. Berks Ridge Company Enterprises was the construction manager.
PHILADELPHIA — JLL Capital Markets has arranged a $77.5 million construction loan on behalf of Saxum Real Estate for the first phase of an unnamed multifamily development in Philadelphia. The Summit, New Jersey-based firm will build 279 units in this first phase, followed by an additional 187 units in Phase II. The seven-story project is located in the Northern Liberties area of Philadelphia. The development also will include 15,000 square feet of retail. JLL worked on behalf of Saxum Real Estate to secure the three-year, floating-rate loan through a U.S. …
Largo Capital Arranges $6.7 Million Acquisition Loan for 120-Unit Property in Carlisle, Pennsylvania
CARLISLE, PA. — Largo Capital has arranged a $6.7 million acquisition loan for a 120-unit property in Carlisle, a western suburb of Harrisburg. The property consists of 15 buildings that house 88 one-bedroom units with an average size of 598 square feet and 32 two-bedroom units with an average size of 828 square feet. Neal Colligan of Largo Capital originated the financing. The borrower and direct lender were not disclosed.