P ennsylvania

S hopping C enters

www.marej.com M id A tlantic Real Estate Journal — Pennsylvania — Section C Ade, Hinckley & Cadranell worked on behalf of Radnor Property Group to secure $70M loan JLL arranges financing totaling $142.6M for The Hamilton, 576-unit high-rise apartment building P HILADELPHIA, PA — JLL Capital Markets announced that it has

suing best-in-class real estate investments in the life sciences sector. It was a pleasure to work with Dimah Capital and we wish themwell in the Phila- delphia region and with this award-winning asset.” In a separate transaction, CBRE arranged for the sale of a 172,071 s/f industrial facility located at 1515 Garnet Mine Rd. in Garnet Valley. BHN Associates, LLC acquired the asset for an undisclosed sale price. Michael Hines , Brad Rup- pel, Brian Fiumara and Lauren Dawicki of CBRE National Partners represented the seller, Evergreen Private Finance . Italiano Commer- cial Real Estate Service’s Steve Italiano assisted with the sale. Located 25 miles southwest of Center City Philadelphia and 14 miles northeast of Wilm- ington, DE, the property ben- efits from its excellent location within one of the most active distribution corridors in the eastern United States.  was completed in 2019 and features a 10-story building with 279 residential units and a 143-space structured parking garage. Phase II is slated for completion in 2021 and will consist of a 16-story building with 297 residential units and 2,932 s/f of ground-floor retail. Replete with amenities, including a rooftop terrace as part of Phase II, the property is situated on a 1.68-acre site at 440 North 15th St. one block from the burgeoning Broad St. corridor in the Logan Square neighborhood. Due to its cen- tralized location, the property has been awarded aWalkScore of 94 and Transit Score of 100. The JLL Capital Markets debt placement team repre- senting the borrower was led by senior managing director Ryan Ade , managing direc- tor Rob Hinckley and se- nior managing director Jim Cadranell . 

HI-LIGHTS MARCH 13 - 26, 2020 JLL worked on behalf of Rad- nor Property Group to secure a $70 million, floating-rate loan from Mack Real Estate Credit Strategies (MRECS) to retire the existing construc- tion financing, which the JLL team arranged in 2017 for the first phase of the development. arranged financing totaling $142.6 million for The Hamil- ton, a core class A, two-phase, 576-unit high-rise apartment building in Center City, Phila- delphia.

The Hamilton

Additionally, JLL arranged a $55 million construction loan from Santander Bank and

$17.6 million in mezzanine financing, which was also provided by MRECS, for the

development of Phase II of the property. Phase I of The Hamilton

CBRE Capital Markets’ Institutional Properties teamarranges sale of $61.2 million office building


PHILADELPHIA, PA — CBRE announced the sale of Axalta’s Global Innovation Center located at 1050 Consti- tution Ave. in Philadelphia’s Navy Yard. Apex Capital Investments , a US based real estate investment manage- ment firm and a subsidiary of Kuwaiti-based Dimah Capi- tal , acquired the asset for $61.2 million. Robert Fahey, JerryKran- zel, Erin Hannan and Jack Corcoran of CBRE Capital Markets’ Institutional Proper- ties team marketed the prop- erty on behalf of the seller, Liberty Property Trust . Additionally, CBRE Debt & Structured Finance teammem- bers Nick Harris and Steven Doherty financed the deal and secured the funding on behalf of the buyer. “The Axalta transaction is a continuation of Liberty Proper- ty Trust’s phenomenal success in the Navy Yard,” said CBRE executive vice president Rob- ert Fahey. “Axalta is another example of foreign capital pur-


Upcoming Spotlights

1050 Constitution Ave., Phila.


contact: Joe Christman jchristman@marejournal.com


1515 Garnet Mine Rd., Garnet Valley

Made with FlippingBook Publishing Software