Fernmoor Lands $48M Refi for Philly-Area Property
The community is the first phase of a 400-unit development.
Fernmoor has obtained a $47.5 million bridge loan for the refinancing of Mi-Place @ Downingtown, a 205-unit multifamily property in Downingtown, Penn., a Philadelphia submarket. CBRE arranged the three-year note, originated by an entity managed by Argentic Investment Management.
The community is the first phase of a larger 55-acre project that is expected to feature 400 units once finalized. The developer broke ground on Phase One in November 2022 and the property recently came online.
Mi-Place @ Downingtown’s first phase encompasses six three-story buildings and 69 townhomes. The unit mix includes one- to three-bedroom floorplans ranging from 755 to 2,222 square feet. Select layouts feature private balconies or patios.
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At full build-out, the community is to include amenities such as a fitness center, business center, clubhouse, tennis/pickleball court and basketball court. Additionally, it will feature EV charging stations, a children’s pool, barbecues and fire pits, as well as open recreation areas with gazebo.
Located at 800 Horseshoe Pike, the property is 38 miles from downtown Philadelphia while the Philadelphia International Airport is 35 miles away.
The CBRE team included Senior Vice President Matthew Klauer and Associate Vice President Cassandra Russell.
Multifamily financing remains steady
Despite challenges like construction cost fluctuations, multifamily development tries to keep up with demand and financing is holding steady as economic conditions stabilize.
Earlier this week, a joint venture between Davean Holdings and Meadow Partners has refinanced an 18-property multifamily portfolio in New York City. Hudson Bay Capital provided a $110 million floating-rate bridge loan.
And in September, Hanover Co. and Lionstone Investments received a total of $176 million in refinancing for two luxury communities in Houston. KKR provided the five-year, fixed-rate separate loans.
