HFF secures $25 million financing for Philadelphia-area luxury multi-housing community
FLORHAM PARK, NJ – February 9, 2017 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has secured $25 million in financing for The Station at Manayunk, a 149-unit luxury multi-housing community in suburban Philadelphia, Pennsylvania.
Working on behalf of J.G. Petrucci Company Inc., HFF placed the 15-year loan with Principal Real Estate Investors. Loan proceeds were 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, immediately adjacent to the Ivy Ridge SEPTA train station. The property’s 149 luxury units average 820 square feet with amenities such as open-concept floor plans, nine-foot ceilings, walk-in closets, private patios or balconies, full-size washers and dryers, faux wood flooring and gourmet kitchens. The community features a fitness center, bike share program and numerous landscaped outdoor spaces, including two picnic areas with grilling stations. In addition, the property is adjacent to the Manayunk Canal and Towpath, an approximately two-mile trail that runs parallel to the Schuykill River and provides residents with a scenic destination for jogging, biking and fishing.
The HFF debt placement team representing the borrower was led by senior managing director Jon Mikula.
“There is a lack of new luxury multifamily housing near transit in the Philadelphia area,” said 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.”
About J.G. Petrucci Company Inc.
J.G. Petrucci Company Inc. (J.G. Petrucci Co., Inc.), located in Asbury, NJ and Bethlehem, PA, is a privately held development and design/build organization with 29 years of experience in the design, development, re-development and acquisition of commercial, industrial, educational, multi-family and healthcare-related properties.
Acting as the single point of contact from inception through move-in, J.G. Petrucci Co., Inc. continuously exceeds client expectations by accepting full responsibility for integrating conceptual design with functional performance thus effectively controlling costs and schedule. Through a combination of well-established relationships, proven development expertise, and in house technical capabilities, J.G. Petrucci Co., Inc. sets itself apart from its competition.
As a recognized leader in both the New Jersey and Pennsylvania markets, J.G. Petrucci Co., Inc. is proud to maintain well-established relationships with its client and tenant roster, including Merrill Lynch, Weyerhaeuser Co., Federal Express, Follett Corporation, Gargiulo Produce, St. Luke’s University Health Network, Lehigh Valley Health Network, Moravian College, Northampton Community College, Flemington BMW, ICO Polymers, SunOpta Inc., Curtiss-Wright Corporation and Synchronoss Technologies, Inc.
For additional information on J.G. Petrucci Company Inc., please visit the company’s website at jgpetrucci.com.
About Principal Real Estate Investors
Principal Real Estate Investors manages or sub-advises $71.8 billion in commercial real estate assets*. The firm’s real estate capabilities include both public and private equity and debt investment alternatives. Principal Real Estate Investors is the dedicated real estate group of Principal Global Investors, a diversified asset management organization and a member of the Principal Financial Group®.
*As of December 31, 2016.
Holliday Fenoglio Fowler, L.P. (“HFF”), HFF Securities L.P. and HFF Securities Limited (collectively, “HFFS”) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 24 offices and is a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.