Philadelphia Multifamily Wrap-Up – May 2020

Morgan Properties scores $661 million loan. Lindy Property Management gets Huntingdon Valley community refi. Catch up with our May selection of Philadelphia must-reads.
Moderna at Rittenhouse. Image courtesy of NRIA

Even as Governor Wolf extended the Philadelphia’s stay-at-home order until June 4, the metro’s multifamily sector kept fairly active during the month of May, particularly on the financing side. A number of properties and projects landed new loans, taking advantage of historically low interest rates even amid tightening lending standards. On May 11, Governor Wolf signed an executive order placing a 60-day moratorium on evictions and foreclosures. Check out our May list of Philadelphia must-knows:

1. LOAN – Lindy Property Management gets $76.7 million financing package.

Greystone provided the 10-year Fannie Mae loan with interest-only payments for Meadowbrook Apartments, a 531-unit community in Huntingdon Valley. The new origination retired a $75 million note from New York Community Bank, according to Yardi Matrix. Located at 1700 Huntingdon Pike, the property opened in 1968. The unit mix has studio, one- and two-bedroom apartments. Amenities include a pool and gym along with tennis and volleyball courts.

2. DEAL – Korman Residential Properties sells 321-unit community.

Woods Realty Associates purchased The Woods Apartments, a garden-style property in Ambler, for $36.5 million, Yardi Matrix shows. Greystone originated a 12-year, $45.8 million acquisition and development loan. The note carries a 3.66 percent fixed interest rate with a 30-year amortization schedule and six years of interest-only payments. The buyer will use part of the financing for capital improvements. Located at 1410 E. Butler Pike, the community has 27 buildings completed in 1974.

3. LOAN – Nationwide Housing Management refinances 86-unit affordable asset in Camden.

Dougherty Mortgage provided a $4 million loan for All American Gardens Apartments. The 10-year loan carries a 3.09 percent fixed interest rate and a 30-year amortization schedule. Located on 3 acres at 1936 S. Eighth St., the five-building community opened in 1952, according to Yardi Matrix. The property is close to Interstate 676 and nearly 7 miles from downtown Philadelphia.

4. LOAN – Morgan Properties lands $661 million for 22-property portfolio.

Two of the properties in the regional portfolio are in Philadelphia: the 231-unit Brookmont Apartments and the 405-unit Sherwood Crossing, located at 600 and 3400 Red Lion Road. For the full deal, Berkadia originated 22 individual Freddie Mac loans. The 10-year fixed-rate notes refinanced communities in Delaware, Maryland, New Jersey and Pennsylvania.

5. LOAN – NRIA secures mid-construction financing for downtown luxury project.

ACRES Capital Corp. originated the one-year, $13 million loan to finalize the development of Moderna at Rittenhouse, an 8-unit luxury community. Each condo has 4 bedrooms and 5 bathrooms and benefits from a 10-year tax abatement. The property’s amenity package will include media rooms, grilling areas and rooftop hot tubs. Located at 2045 Lombard St., the site is close to the city center and 7 miles north of Philadelphia International Airport.