P ennsylvania
S hopping C enters
Mid Atlantic Real Estate Journal — Pennsylvania — Section C
www.marejournal.com
loomsburg, PA — Rittenhouse Realty Advisors announced Six locations, totaling 147 units Rittenhouse Realty Advisors sells student housing portfolio totaling $23.8m near Bloomsburg University B versity Campus. “Bloomsburg enrollment has been growing over the last ten years.
that it is typically 60-70% pre-leased by November of the previous year,” said Mark Duszak , director of Ritten- house Realty Advisors. Due to the high barriers of entry for student housing in the town of Bloomsburg, the buyer is acquiring assets in a very strong market. “The buyer was a larger regional student housing owner/operator with a concentration of units at Penn State University. This purchase will allow them to continue to grow their foot print throughout the region,” said Corey Lonberger , man- aging partner of Rittenhouse Realty Advisors. n Procida Funding, LLC, pro- vides bridge, mezzanine, con- struction and equity capital to the real estate industry and middle market companies through its 100 Mile Fund. Since 1995, the firm has com- pleted over two billion dollars of transactions. The firm uti- lizes its own capital as well as strategic capital partners. Procida Advisors provides due diligence and asset manage- ment services to financial institutions and private equity funds with a concentration on construction, bankruptcy, re- structuring and marketing. n
The proximity of these prop- erties to the campus, along with their amenities, have con- sistently made them a desired housing option for students,” observed Ken Wellar , man- aging partner of Rittenhouse RealtyAdvisors. The properties feature a mix of one, two, three, four and six bedroom units and most were constructed within the last ten years. “These properties attracted a wide audience of prospective buyers from national student housing operators to local pri- vate capital operators given
the sale of a 394 bed student housing portfolio near Blooms- burg University’s campus in Bloomsburg. The portfolio con- sists of 6 locations, totaling 147 units, 394 bedrooms (licensed for 436 tenants) and one leas- ing/management office. All units were sold fully fur- nished with bedroom and liv- ing room sets, fully equipped kitchens and feature ample off-street parking. The ma- jority of the units include flat-screen televisions and
Portfolio near Bloomsburg University’s campus
convenient access to laundry facilities. All locations of the
portfolio are in the immediate area of the Bloomsburg Uni-
February 14 - 27, 2014
330,000 s/f medical facility in Philadelphia owned by Kirkbride Realty, LLC Procida Funding’s 100 Mile Fund provides $13 million bridge loan for Kirkbride Medical Center
Pennsylvania’s Engineering SPOTLIGHT HI-LIGHTS
Philadelphia, PA — Procida Funding’s 100 Mile Fund , provided a $13 million bridge loan for Kirkbride Medi- cal Center, a 330,000 s/f medi- cal facility in Philadelphia, PA. Loan proceeds are being utilized to reorganize existing creditors and provide capital improvements for continued expansion and tenant improve- ments. The property is owned by Kirkbride Realty, LLC and is currently occupied by a battered women’s shelter, a school for challenged children, a drug rehabilitation center and a mental healthcare facil- ity and is 75% occupied. The remaining space will soon be marketed. “The replacement cost of this property would be in excess of $100 million. We believe that the services that our clients provide are vital to the commu- nity,” said William Procida , president of Procida Funding. Kirkbride Medical Center is located in West Philadelphia which is undergoing revital- ization with the development of a new public high school, children’s hospital and a state of the art police headquarters set to break ground sometime later this year.
5-12C
Western PA
SPOTLIGHT
Kirkbride Medical Center
The Regional Mortgage Bankers Conference Is Pleased To Announce Our Keynote Speaker
Award Winning Developer and Manager of the 100 Mile Fund William “Billy” Procida Founder & President Procida Funding & Advisors, LLC Mr. Procida will be discuss his widely published article, “How the Real Estate Industry Can Save America,” as well as share his 2014 economic outlook.
March 9th –13th at Trump Taj Mahal
13-16C
March 10th from 12:30 – 2:00 Commercial Property Luncheon Trump Taj Mahal, Atlantic City
ALSO INside PA Project News................. 11C People on the Move............ IBC www.marejournal.com
For registration and/or exhibitor information please visit
www.eventsmbanj.net/commercial-program.html
or call 908-852-2498
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