NAI BLUESTONE REAL ESTATE CAPITAL SECURES $36.5 MM IN SENIOR FINANCING FOR 202-UNIT MULTIFAMILY COMPLEX IN PHILADELPHIA, PA
NAI Bluestone Real Estate Capital, a Philadelphia-based real estate investment banking and advisory firm, has secured $36.5M in senior debt for the Glen at Shawmont Station, a Class A, 202-unit multifamily complex located in Philadelphia, PA. The loan was structured and secured on behalf of Hunters Pointe Associates, an affiliate of the Andorra Group, a Philadelphia-based real estate development and construction firm. Freddie Mac provided $30M in senior permanent financing and an additional $6.5M was secured from local banks and collateralized by additional real estate assets.
Located in Philadelphia, PA, The Glen at Shawmont Station is a garden style apartment community consisting of 10, three story buildings situated over 18 acres. The property is nearly 100% occupied and offers excellent access to downtown Philadelphia and the surrounding suburbs. Completed in 2006, the property’s amenities include a combination leasing office/clubhouse, which includes a full size kitchen, leasing office, sample apartment unit, exercise facility and a “cyber café” with wireless internet access.
“This deal was particularly challenging because we had an extremely short window to secure four loans and negotiate favorable terms, which can be nearly impossible in today’s market,” said Timothy Bradley, Senior Associate, NAI Bluestone Real Estate Capital. “The strength of the property’s historic operating history, coupled with our relationships with agency and local lenders, allowed us to extend the loan terms and secure favorable rates from the lenders on behalf of Andorra.”
“Our ability to secure a loan of this size, from disparate financing sources, in an incredibly short time frame is proof that financing solutions are still available today, but they require tenacity, industry know-how and strong relationships with lenders,” said Matthew McManus, Chairman of NAI Bluestone. “The successful financing of this project is representative of the type of unique and often complex transactions in which NAI Bluestone specializes.”
The 10 year, senior permanent loan is fixed at 6.2% and amortized over 30 years.
