NAI BLUESTONE REAL ESTATE CAPITAL SECURES $4M LOAN FOR LOGAN PLAZA IN PHILADELPHIA
NAI Bluestone Real Estate Capital, a Philadelphia based real estate investment banking and advisory firm, has secured a $4M construction to permanent loan for Logan Plaza on behalf of OYR Realty Group, a joint venture of the Visionary Companies and Thylan Associates, Inc. Beneficial Savings Bank provided the loan.
Logan Plaza is a six acre office park campus facility in the Logan/Olney Section of Philadelphia. The facility is the former home of the Jewish Aged, Philadelphia Geriatric Center, and Temple University Continuing Care facility. The site includes six discrete but interconnected buildings totaling approximately 340,000 square feet and a tree-lined campus with plentiful outdoor recreational and activity area.
Located approximately six miles from downtown Philadelphia, the campus is directly adjacent to the recently renovated York Towers, Einstein Medical Center and the Logan Branch of the Free Library. The property serves schools, social service organizations and other organizations that are engaged in the provision of human services.
"In the midst of the most turbulent credit markets in many years, NAI Bluestone was able to complete this transaction with good terms and an attractive permanent option for our client,” said Shawn Sweeney, senior associate for NAI Bluestone. “Despite the difficulty in this market, strong borrowers like OYR Realty Group are still able to secure excellent financing options from noteworthy institutions such as Beneficial Bank.”
The loan was secured for one of the five buildings located at Logan Plaza, and provides the borrower with money for capital improvements. Currently vacant, the borrower has executed a lease with the Department of Public Welfare for approximately 66% of the space. The loan features a floating rate competitively priced over prime with a low floor during construction. Upon completion, the loan will convert to a fixed rate at 70% loan to value (LTV).
“NAI Bluestone continues to find new innovative ways to help our clients meet their financing needs in this complicated market,” said Matthew McManus, chairman, NAI Bluestone Real Estate Capital. “This deal demonstrates our firm’s ability to leverage our strong relationships with credible lending institutions as to help finance high-quality deals.”
Visionary Companies, a Wallingford, PA based real estate firm, develops, owns and operates commercial real estate throughout Eastern PA. Founded in 1981, Thylan Associates is a real estate development and investment firm with a value-driven, asset enhancing viewpoint which has brought significant appreciation to its properties in Pennsylvania, New York & Connecticut.
