City: Philadelphia
Greystone Provides $20Mln Freddie Loan for Phila. Apartments
REBusiness Online Greystone has provided $20 million of Freddie Mac financing against Ray Philly, a 110-unit apartment property in the South Kensington area of Philadelphia. The property, at 1525 North American St., is owned by a venture of Ray and ...
Argentic Lends $29Mln Against South Jersey Apartment Property
Argentic Investment Management has provided a $29 million bridge loan against Mi-Place at Brightmoor, a 312-unit apartment property in Sicklerville, N.J. CBRE arranged the three-year loan on behalf of the owner, Fernmoor Homes of Jackson, N.J. The three-story property is ...
$258.4Mln Loan Against Phila. Shopping Mall Seen Defaulting, Moves to Special Servicing
Commercial Real Estate Direct Staff Report The $258.4 million loan against Philadelphia Mills, a 1.58 million-square-foot shopping mall in Philadelphia, has been transferred to special servicing due to imminent default. The transfer, to Greystone Servicing Co., was highlighted late last ...
Owner of Philadelphia’s Wanamaker Building Seen Buying Loan at Discount
Commercial Real Estate Direct Staff Report A discounted payoff of the $124 million of mortgage debt encumbering downtown, or Center City, Philadelphia's historic Wanamaker Building might be in the cards. That would help facilitate plans by the property's owner, an ...
Specialty Contractor Inks 117,000-SF Industrial Lease in Logan Township, N.J.
Aramsco Inc. has signed a lease for 117,000 square feet at the 3.2 million-sf Logan North Industrial Park in Logan Township, N.J. The specialty contractor is taking its space at the 274,524-sf building at 301 Crossroads Blvd. The building has ...
Plans Approved for 217-Unit Apartment Project in Phila. Suburb
REBusiness Online Federal Realty Investment Trust has received approval for its proposed 217-unit apartment property at 121 East City Ave., a former Lord & Taylor store, in Bala Cynwyd, Pa. The building will be part of the Bala Cynwyd on ...
14-Building Industrial Portfolio in South Jersey Sells for $118.5Mln
Philadelphia Business Journal Ares Management has paid $118.5 million, or nearly $106/sf, for a portfolio of 14 industrial buildings with 1.12 million square feet in southern New Jersey. The Los Angeles investment manager bought the portfolio from Whitesell Construction of ...
100-Room Residence Inn in Langhorne, Pa., Sells for $22.1Mln
Philadelphia Business Journal Baywood Hotels has paid $22.1 million, or $221,000/room, for the 100-room Residence Inn by Marriott Philadelphia Langhorne in the Philadelphia suburb of Langhorne, Pa. The Columbia, Md., investor bought the property, at 15 Cabot Blvd. East, a ...
Le Meridien Hotel
Certares Management LLC has paid $32.7 million, or $161,881/room, for the 202-room Le Meridien Hotel in downtown, or Center City, Philadelphia. The New York investment manager, which specializes in the hotel sector and last year had raised $284 million for a ...
Loan on Another Phila. Office Building Transfers to Special Servicing
The Accesso Partners affiliate that owns 1515 Market St. in downtown Philadelphia has initiated an effort to try to negotiate a term extension for the $59.37 million loan against the 502,217-square-foot office building. The loan doesn't mature until next January, but ...
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