PGIM Provides $7.5M Loan For Acquisition Of Multifamily Property In Forks Township, PA

The Sullivan Parke Apartments, a newly constructed two-building, 48-unit apartment complex located at 2280 & 2250 Lafayette Park Drive in Forks Township, PA, has been acquired through an acquisition loan. The property is classified as a multifamily asset, offering 48 units in total.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $7,463,000
• Loan Type: Acquisition
• Loan Terms: The acquisition of the Sullivan Parke Apartments, a newly constructed two-building 48-unit apartment complex, was financed via a 10-year non-recourse fixed-rate loan. The loan features full-term interest-only payments and has been provided by PGIM, a leading lender in the market.
• Lender: PGIM
• Brokers: Bryan Manz & Brandon Harris - Black Bear Capital Partner

The financing for this acquisition has been secured through PGIM, with Bryan Manz and Brandon Harris of Black Bear Capital Partner acting as the brokers in the deal. The loan provides a 10-year fixed-rate term with full-term interest-only payments, allowing the buyer to manage cash flow effectively.