Fulton Bank Provides $20.23M Loan For 80 Unit Multifamily Development In Norristown, PA

The property asset involved in the transaction is a multifamily asset located at 250 E Johnson Highway in Norristown, PA, comprising 80 units. The loan amount secured for the construction of this property is $20,230,000, facilitated by Fulton Bank.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $20,230,000
• Address: 250 E Johnson Highway
• Market: Norristown, PA
• Lender: Fulton Bank
• Brokers: Justin Boruchov, Morris Betesh & Alex Bailkin - Arrow Real Estate Advisors
• Loan Type: Construction
• Units: 80

The deal involved notable individuals from Arrow Real Estate Advisors, with Justin Boruchov, Morris Betesh, and Alex Bailkin representing the transaction. Their participation highlights the brokerage's active role in facilitating this loan arrangement for the multifamily development project.