Philly Apartments Obtain $25M for Refi

1 min read

HFF placed the 15-year loan with Principal Real Estate Investors, with the proceeds used to refinance the construction loan on the property.

Station at Manayunk emailPhiladelphia—J.G. Petrucci Company Inc. has obtained $25 million in financing for The Station at Manayunk, a relatively new 149-unit multifamily community in Philadelphia. HFF placed the 15-year loan with Principal Real Estate Investors, with the proceeds used to refinance the construction loan on the property.

Completed in 2014, The Station at Manayunk is located at 1 Parker Road in the Manayunk neighborhood of Philadelphia, and is adjacent to the Ivy Ridge SEPTA train station. The property’s units average 820 square feet, with amenities such as open-concept floor plans, nine-foot ceilings, walk-in closets, private patios or balconies, and full-sized washers and dryers.

Common amenities include a fitness center, bike share program and landscaped outdoor spaces, including two picnic areas with grilling stations. The property is adjacent to the Manayunk Canal and Towpath, a two-mile trail that runs parallel to the Schuykill River.

“There’s a lack of new multifamily housing near transit in the Philadelphia area,” said HFF senior managing director Jon Mikula. “With a train stop immediately in front of the property, the Station at Manayunk has helped to fill the demand in the market, which was evidenced by the property’s quick lease-up.”

Philadelphia has been a tight rental market in recent years, but there’s some evidence that now—with new product having entered the market at a brisk pace—rental growth is slowing down, or is maybe over for now. According Abodo.com in January, rents in Philadelphia posted the third-largest monthly drop of the 100 cities the company surveys, with median rent for a one-bedroom apartment in the area falling 6.4 percent. Only Pittsburgh and Rochester, N.Y., experienced larger drops.

You May Also Like

The latest multifamily news, delivered every morning.


Latest Stories

Like what you're reading? Subscribe for free.