TODAY’S DEALS: Delaware’s Largest Community Lands Refinancing
Delware's largest community proves to be an easy sell for lenders, and an art deco apartment asset trades hands in Philly.
Bear, Del.—HFF has arranged $45 million in financing for Christiana Meadows, the largest apartment community in Delaware. The service worked on behalf of the borrower, a joint venture between The Commonwealth Group and The Emory Hill Cos., to secure the 10-year, 3.62 percent, full-term, interest only, fixed-rate loan. Proceeds refinanced existing debt.
Christiana Meadows consists of 54 three-story buildings that total 648 units. The property carries the address of 265 Bear Christiana Road, which is located about 11 miles south of Wilmington, Del. Amenities include a fitness center, Olympic-sized pool, a sauna, hot tub, playground, fitness center, tennis courts and large conference room.
“As the largest apartment community in Delaware, Christiana Meadows has enjoyed historically strong occupancy as a result of its competitive rental rates and convenient location, which attracted considerable lender interest in the asset,” said James Conley, managing director at HFF.
Art Deco Apartment Asset Trades Hands in Philly
Philadelphia—Berkadia has financed an $80.4 million loan for ICON 1616, a 1929-built apartment asset in Philadelphia. The borrower, Castle Rock Equity Group, will use put the loan towards its $112 million acquisition of the Art Deco asset. Berkadia’s loan term included a 4.1 percent interest rate and a 30-year amortization schedule. Financing also incorporated the property’s PILOT program and Historic Tax Credits.
The 25-story property features 206 units that range from studios up to three-bedroom floor plan options. Amenities include a sky deck, a grilling station, herb garden, wellness floor with yoga studio, a club level with kitchen and a business center with computers. Ground floor tenants include Santander Bank, Theory and CKO Kickboxing.
ICON 1616 is located at 1616 Walnut Street, less than two blocks from Philadelphia’s Rittenhouse Square.