PA Properties Land $26M
- Oct 24, 2017
Colliers obtained $26.1 million in refinancing loans for a two-property portfolio in Pennsylvania totaling 320 units. The firm’s Philadelphia capital markets team, led by Senior Vice Presidents John Banas and Kristopher Wood, Vice President Chad Levitt and Capital Markets Analyst Jordan Canino, secured the five-year fixed rate loans with five-year resets for the 1970s communities. Recently, Colliers also closed the sale of two Phoenix apartment communities.
Pioneer Woods occupies 34 acres at 9 Lamppost Lane in Lancaster and comprises 14 buildings. The community offers 45 one-bedroom, 71 two-bedroom, 28 three-bedroom units as well as 16 two-bedroom townhouses and is currently 95 percent occupied. The Lampeter-Strasburg School District is minutes away from the property, as is E. Lincoln Highway with its multiple shopping and dining options. Philadelphia can be reached in one hour and a half via Interstate 76 West. The Lancaster General Hospital is 15 minutes away.
Rosedale Apartments is located at 199 Cherry Drive in Hershey and includes 25 buildings. The community offers a mix of 80 one-bedroom and 80 two-bedroom units with sizes ranging from 566 to 1,070 square feet. Occupancy is currently at 99 percent. Common amenities include a fitness center and tennis courts. The Penn State Health Milton Hershey Medical Center is five minutes away from the property. Nearby Walton Avenue and Hersheypark Drive junction offers a plethora of restaurants and shops. Philadelphia can be reached in just under two hours via I-76 West.
“This was a new client who originally came to us for assistance with arranging equity for a separate project. After evaluating their portfolio, we saw an opportunity to recapitalize their existing properties, achieving the same result at substantial savings,” said Banas in a prepared statement.
Images courtesy of Colliers International