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Mid Atlantic Real Estate Journal — Pennsylvania — Section C
www.marejournal.com
Talone, Townsend and MacLaren secured the buyer
Marcus & Millichap arranges the $3.62m sale of a 52-unit apartment building
H
AVERTOWN , PA — Marcus & Milli- chap Real Estate
allowing the seller to purchase this asset,” said Talone. “He collected healthy cash flow since and refinanced in 2012. Subsequently, interest rates continued to drop and his priorities shifted. When he approached us to market the asset for sale, the biggest chal- lenge was the existing loan with an interest rate above what could be achieved on market. Investors didn’t want to assume the loan and the seller didn’t want to pay the significant pre-payment pen- alty. So we partnered with our Marcus & Millichap Capital Corporation professionals to figure it out,” he added. Kristopher Wood and John Banas , directors in Marcus & Millichap Capital Corporation’s Philadelphia office, arranged the financing.
“Victoria Arms was origi- nally being marketed as a loan assumption due to a significant prepayment pen- alty. However, we were able to arrange financing for the borrower with a rate so low that it made sense for them to pay the seller’s six-figure prepayment penalty. Banks continue to lend very aggres- sively for stable multifamily deals with strong borrowers,” said Wood. Victoria Arms Apartments is located at 1333 Darby Rd. in Havertown, PA. The prop- erty was built in 1926 and consisted of studio and one bedroom apartments. The seller had renovated over thirty five of the kitchens and was maintaining occupancy in the mid to high 90 percent range. ■
Investment Services has announced the sale of Victoria Arms Apartments, a 52-unit apartment property located in Havertown, PA, according to Spencer Yablon , regional manager of the firm’s Phila- delphia office. The asset sold for $3,620,000. Clarke Talone , Andrew Townsend and Ridge Ma- cLaren , investment special- ists in Marcus & Millichap’s Philadelphia office, had the
Victoria Arms Apartments
listing to market the property on behalf of the seller, a New Jersey limited liability compa- ny. The buyer, a local limited liability company, was secured and represented by Talone, MacLaren, and Townsend. Victoria Arms, built in the
1920’s is a charming, well-lo- cated building, with great vis- ibility off of Darby Rd. Haver- town, in Delaware County, is a strong rental market and commands significant inves- tor interest. “We arranged the transaction back in 2007
DECEMBER 6 - 19, 2013
HI-LIGHTS
Marzullo & Marlowe of CBRE represent sellers KW Commercial’s “G” Group negotiates $2.25m sale/lease-back of 32,280 s/f property
SPOTLIGHT
Central PA 5-9C
BRISTOL, PA — The “G” Group of KW Commercial successfully negotiated the $2.25 million sale of a 32,280 s/f office/warehouse property in Bristol, Pennsylvania. The property, located in the Keystone Industrial Park, is a specialized facility used in the distribution of specialty chemicals. The sale was a result of a sale/lease-back transaction with the previous owner continuing to occupy the facility on a long-term lease arrangement. The buyer, 140 Wharton, LP was represented by Char- lene Tucker, CPM and Blair Gilbert, SIOR of The “G” Group with KW Commercial in Exton, PA. The Sellers were represented by Stephen Marzullo and Justin Mar- lowe of CBRE in Philadel- phia, PA. “Our goal was to make the transition as seamless as possible for the seller while they assumed their new role as tenant, along with making certain that our client’s in- terests were fully protected”, said Gilbert. ■
Rittenhouse sells 50-Unit apartment for $2.7m
140 Wharton Rd. Bristol, PA
2C
METAL BUILDING RE-ROOFING
Mericle Comm’l. RE Svcs. leases 108,000 s/f
4C
METAL SYSTEMS
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