Goldcrest Management used the Freddie Mac financing to acquire a 484-unit apartment community in Pine Hill, N.J.
College Town Communities will use the loan to build the 264-bed expansion near Penn State Abington’s campus.
The adaptive reuse project will transform a former school into a 50-unit property catering to seniors 62 and over.
The Freddie Mac loans will refinance two Class B communities along the East Coast and one in the Midwest.
The 96-unit building represents the final phase of the Kinder Park development in Ridley Township.