6C — September 13 - 26, 2019 — Pennsylvania — M id A tlantic
Real Estate Journal
www.marej.com
P ennsylvania Ladder Capital provides 3 year interest-only, non-recourse, 75% LTV Domenico of Progress Capital secures $16 million for Lehigh Student Housing portfolio
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portfolio, which has been tra- ditionally operated as a “Mom and Pop” business. Domenico worked with Lad- der Capital who provided three years interest-only, non-recourse, 75% LTV with a fixed rate of 4.75% for 10 years based on a 30-year amortiza- tion. These factors enabled the client to proceed with his busi- ness plan to continually im- prove and enhance the value of the property by minimizing expenses and maximizing returns. The Lehigh Valley is located 60 miles north of Philadelphia, 80 miles northeast of Har- risburg and 90 miles west of New York City. It is centrally located in the Northeast Mega- lopolis with ease of access and close proximity to several of the largest markets, popula- tion centers, airports, termi- nals, railways and seaports in the United States including both the New York and Phila- delphia metropolitan areas. Feinberg represent PAJBWU in lease of New Lehigh Valley location ALLENTOWN, PA – Fein- berg Real Estate Advisors, LLC announced today that it represented Pennsylva- nia Joint Board, Workers United (PAJBWU), in the lease of their new Lehigh Valley location. The organi- zation relocated from their center city Allentown location to their new facility, which consists of approximately 4,018 square feet of office and meeting space and is located at 5050 West Tilghman St., South Whitehall Twp. Cindy McDonnell Feinberg rep- resented Pennsylvania Joint Board, Workers United, in the transaction. The multi-tenant facility is in the Commerce Corporate Center. "Cindy was very effective in helping us understand the process, assisting us with the evaluation of options and negotiating a lease that will allow us to have a new long-term location,” said David Melman, Joint Board Member, EVP, Workers United. “We also engaged Feinberg Real Estate Advi- sors to market for sale our original Lehigh Valley loca- tion, which received a lot of interest and is currently under agreement.”
estate sectors, particularly during periods of market vola- tility. The rare opportunities available to purchase these property types is the exact rea- son the client was eager to lock in financing and secure this deal. Furthermore, because of the property’s topography, situated between a mountain and the Lehigh River, there is little room for new construc- tion. The client’s long-term goal is to use advances in technology and professional management to grow and professionalize the off-campus Student Housing
ETHLEHEM, PA — Brad Domenico ar- ranged $16 million in
financing for a valued cli- ent to acquire a 44 unit, 219 bed, multi- site Student H o u s i n g Portfolio ad- jacent to Le- high Univer- sity in Bethlehem.
Brad Domenico
Student Housing is known to be recession resilient and offers a degree of stability that is seldom present in other real
Lehigh Student Housing multi-site portfolio
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