Ares Commercial Real Estate Corp. provided a $47 million loan to help fund Harbor's acquisition. Newmark brokered the deal and arranged the financing.
Commercial Real Estate Direct Staff Report Harbor Group International has paid $59.5 million, or $216,363/unit, for the 275-unit Royal Athena apartment property in the Philadelphia suburb of Bala Cynwyd, Pa. The Norfolk, Va., investment manager bought the complex from O'Neill ...
93 percent occupied.
The six story building is 66% occupied.
The building has about 60,000 sf vacant at the time of the sale.
The firm plans to use the site as its corporate HQ once deal goes through. Asking price was $100Mln.