Pennsylvania

A 466-Unit Project from Saxum Real Estate in Philadelphia

JLL Arranges $55.7 Million in Construction Financing for Second Phase of 466-Unit Project in Philadelphia

by Channing Hamilton December 27, 2023

PHILADELPHIA — JLL Capital Markets has arranged $55.7 million in construction financing for a seven-story development located in the Northern Liberties neighborhood of Philadelphia. The project is the second phase of a two-phased development that will total 466 units. The first phase is currently under construction, with completion slated for September 2024. The second phase of the project will comprise 187 studio, one-, two- and three-bedroom units, as well as 7,803 square feet of ground floor retail and a 45,000-square-foot amenity package. Amenities will include a pool, courtyard deck overlooking …

December 27, 2023

Investment Sales News Northeast Pennsylvania

Ashley Development Corp., Black Bear Asset Management Sell Sullivan Parke in Forks Township, Pennsylvania for $35.5 Million

by Channing Hamilton December 18, 2023

FORKS TOWNSHIP, PA. — A joint venture between Ashley Development Corp. and Black Bear Asset Management (BBAM) has sold Sullivan Parke, a 102-unit property in the Lehigh Valley community of Forks Township, for $35.5 million. Emil DePasquale and Brandon Harris of Black Bear Capital Partners, a subsidiary of BBAM, arranged $19.2 million in acquisition financing on behalf of the undisclosed buyer. Sullivan Parke consists of four buildings on a seven-acre site. Amenities include multiple fitness centers, lounges and outdoor recreation areas.

December 18, 2023

Investment Sales News Northeast Pennsylvania

Northmarq Brokers Sale of 159-Unit Manufactured Housing Community in Newville, Pennsylvania

by Channing Hamilton November 15, 2023

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.

November 15, 2023

Development News Northeast Pennsylvania

Dwight City Group Opens 84-Unit Adaptive Reuse Project Near Philadelphia

by Channing Hamilton November 14, 2023

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.

November 14, 2023

Development Finance Investment Sales Market Reports Northeast Pennsylvania

Philadelphia’s Development Fever Starts to Break

by Channing Hamilton October 5, 2023

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 …

October 5, 2023

Finance News Northeast Pennsylvania

SCOPE Capital Group Secures Arranges $16 Million in Financing for The Washington Apartments in Philadelphia

by Channing Hamilton September 20, 2023

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.

September 20, 2023

Hagert & York Apartments in Philadelphia

Development Leasing & Marketing News Northeast Pennsylvania

McGovern Holdings, Saxum Real Estate Open Hagert & York Luxury Apartments in Philadelphia

by Channing Hamilton September 19, 2023

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.

September 19, 2023

Development Leasing & Marketing News Northeast Pennsylvania

EQT Exeter to Open The Clark in Philadelphia’s University City Neighborhood

by Channing Hamilton July 26, 2023

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 …

July 26, 2023

Investment Sales News Northeast Operations Pennsylvania People News

Toll Brothers Selects John McCullough as President of Multifamily Division

by Channing Hamilton July 7, 2023

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 …

July 7, 2023

Development News Northeast Pennsylvania

Westrum Development Co. Opens $28 Million Luxor Lifestyle Apartments Lansdale in Lansdale, Pennsylvania

by Channing Hamilton May 17, 2023

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.

May 17, 2023

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