New Horizons Housing Refinances Philadelphia Multifamily Portfolio With $17.5M Loan From Peapack Gladstone Bank

New Horizons Housing has refinanced a portfolio of multifamily properties in Philadelphia, PA with a 7-year, $17.5 million loan provided by Peapack Gladstone Bank. The loan features a fixed interest rate of 3.30%.

Summary of transaction details

• Property Type: Multifamily
• Loan Amount: $17,500,000
• Loan Type: Refinance
• Loan Terms: 7-yr term featuring a fixed interest rate of 3.30%
• Landlord: New Horizons Housing
• Lender: Peapack Gladstone Bank
• Broker: Emil DePasquale - Black Bear Capital Partners

The 7-year, $17.5 million loan provided by Peapack Gladstone Bank was used to refinance a five-property multifamily portfolio located in Philadelphia, PA. The properties, which consist of 239 residential units, are situated at 4619-4621 Chester Avenue, 4601 Chester Avenue, 419-429 South 48th Street, 241 South 47th Street, and 4416-18 Osage Avenue. The portfolio primarily caters to graduate students and young professionals, benefiting from its close proximity to both the University of Pennsylvania and Drexel University.

NOTE from Black Bear Capital Partners: The properties included in the portfolio are well-located and offer attractive rental opportunities to the target demographic in Philadelphia, PA.