P ennsylvania
S hopping C enters
Real Estate Journal — Pennsylvania —Section C
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For Congress Apartments, Quakertown West and Antietam Arms NorthMarq Capital arranges three multifamily transactions in PA totaling $61.475 million E ASTERN, PA — Rob- ert Ranieri , senior vice president/manag-
HI-LIGHTS Pittsburgh officemarket remains among strongest in the Country SPOTLIGHT Central PA 5-10C ing director of NorthMarq Capital ’s Greater Westchester NY/CT based regional office se- cured refinancing of a combined $61.475 million for Congress Apartments, QuakertownWest and Antietam Arms, three multifamily properties located in Pennsylvania. “NorthMarq and FreddieMac were able to offer 80% cash out financing on a 7-year loan which was very competitive,” said Ranieri. “Freddie also March 13 - 26, 2015
Congress Apartments
Antietam Arms
held the spread during a very volatile interest rate market.” Congress Apartments: This 548 unit property, located at 1207 East Congress St. in Al- lentown received refinancing of $36.3 million. The transaction was structured with a 7-year term and 30-year amortization
schedule. NorthMarq arranged financing for the borrower through its Seller-Servicer relationship with Freddie Mac. Quakertown West: This 264 unit property, located at 491 South Ninth St. in Quaker- town received refinancing of $18.2 million. The transaction
Carsonia Ave. in Reading re- ceived refinancing of $6.975 million. The transaction was structured with a 7-year term and 30-year amortization schedule. NorthMarq arranged financing for the borrower through its Seller-Servicer re- lationship with Freddie Mac. n
was structured with a 7-year term and 30-year amortiza- tion schedule. NorthMarq arranged financing for the borrower through its Seller- Servicer relationship with Freddie Mac. Antietam Arms: This 148 unit property, located at 850
Endurance acquires 5 flex/warehouse buildings for $9.7m totaling 190,729 s/f
of existing users within the business park includes Apria Healthcare, Patterson Dental, Pentec Health, Huff Paper Company, Office Basics and Flowserve Corporation. “With our advantageous going-in basis and capital to invest in tenant improvements and base building improve- ments we feel confident in our ability to stabilize this well- maintained, institutional- quality set of buildings with intrinsic appeal to users due to their curb appeal, loca- tion, and flexible tenant suite sizes and configurations” said Benjamin Cohen , president of Endurance. “This Portfolio was historically very well leased up through the late 2000’s, and will certainly ben- efit from a reset basis and the hands-on asset management plan to be implemented under our new ownership.” Endurance is also pleased to announce the engagement of the SSH Real Estate team of Brian Mears and Kevin Hagenberg to handle the Portfolio leasing. n
Delaware County, PA — An affiliate of Endur- ance Real Estate Group, LLC (Endurance ) an - nounced the acquisition of Naaman’s Creek Business Center, a five building flex portfolio totaling 190,729 s/f in Upper Chichester Twp., Delaware County (“portfolio”). The buildings, which range in size from 25,000 s/f up to 60,000 s/f, are situated in the larger Naaman’s Creek Cen- ter, a 125 acre business park totaling 750,000 s/f with high curb appeal and a campus-like atmosphere. The Portfolio fronts Rte. 322, providing easy access to Inter- state 95 and the Philadelphia Int’l. Airport to the east (15 minutes) as well as Interstate 476, which presents a direct connection from Interstate 95 to the PA Tpke. Endurance acquired the portfolio for $9.75 million ($51.12 PSF), well below replacement cost and providing the new ownership group with flexibility to invest in attracting new tenants to boost the portfolio’s current
NAI Mertz of PA inks sale of 25,000 s/f industrial bldg. 4C
Naaman’s Creek Business Center
50% occupancy level. The portfolio buildings were constructed from the late 1990’s through the early 2000’s and feature allma- sonry facades, 19’ clear ceiling heights, and flexible configura- tions to accommodate a multi- tude of tenant requirements. Despite having lost multiple tenants in the last few years, the Portfolio has been institu- tionally maintained and will
benefit from fresh capital to be invested in procuring tenants. Optimal logistical connec- tions, combined with unique access to Philadelphia Int’l. Airport, Center City Phila- delphia, and the affluent con- sumer base of the Western Philadelphia Suburbs, have attracted a number of em- ployers to Delaware County and Naaman’s Creek Center in particular. A sampling
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