8C — May 12 - 25, 2017 — Pennsylvania — M id A tlantic
Real Estate Journal
www.marejournal.com
P ennsylvania
orsham TWP, PA — Cronheim Mort- gage secured $12 mil- Stewart, Morris, and Villamagna originates loan Cronheim Mortgage secures $12 million in financing for a 562,000 s/f industrial park H
lion in financing for a 562,000 square foot industrial park located in Horsham TWP., Montgomery County. The loan was structured with a 10 year term and amortizes over a 20 year period for the borrower, Heffernan and Partners. The loan was placed with Ameri- can United Life Insurance Company , whom Cronheim represents as correspondent and servicing agent. The subject property is formally known as Babylon
Babylon Business Campus
Business Campus. It was con- structed between 1972 and 1987 upon 55-acres of land and consists of 15 adjacent, single- story flex industrial buildings, plus one, three-story office building. There are over 50 tenants with leases occupying anywhere from 600 s/f to well over 100,000 s/f. The park has experienced excellent occupan- cy history due to the strategic location less than 5 miles from the Pennsylvania Turnpike as well as the strength of the management team. This loan was originated and placed by Andrew Stewart, Dev Morris , and Allison Vil- lamagna. n Avison Young Philadelphia pro- motes VP Patrick Brady to Principal Philadelphia, PA — Avison Young Philadelphia announced the promotion of vice president Patrick Brady to principal. Brady, a founding member of Avison Young Phil- adelphia in September 2013, has distinguished himself in in the local commercial real estate market. Over the past 3.5 years, Brady has executed over 125 transactions and leased more than 1,000,000 s/f of office space. At Avison Young, principals own and operate the company, a key differentiator for the world’s fastest-growing com- mercial real estate firm. The Principal designation is re- served for top talents who ex- hibit a strong work ethic and have demonstrated success. Currently, Brady focuses on both tenant and landlord representation along with acquisitions and dispositions of office properties in the Sub- urban Philadelphia market. n
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