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

4619-4621 Chester Avenue, 4601 Chester Avenue, 419-429 South 48th Street, 241 South 47th Street, 4416-18 Osage Avenue
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This MultiFamily property located in PA received a loan of $17,500,000 almost 3 years ago. The brokers of the deal were Phil Bowman, Brandon Harris, and Emil DePasquale

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.

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Deals
  • Location
    4619 Chester Avenue, Philadelphia, PA, USA4619 Chester Avenue, Philadelphia, PA, USA
  • Loan Value
    $17,500,000$17,500,000
  • Asset Type
    MultiFamilyMultiFamily
  • Parties
    3 Brokers, 1 Agency, 1 Lender3 Brokers, 1 Agency, 1 Lender

Agents

Brandon Harris

Brandon Harris

Deals48
Financed$622.5M

Agency

Black Bear Capital Partners

Black Bear Capital Partners

Agency
Deals294
Volume$6.3B

Peapack Gladstone Bank

Peapack Gladstone Bank

Lender
Deals8
Volume$ 9.2B

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Deal Summary

LOAN IMAGE: Emil DePasquale DATE: 03/30/2021 ADDRESS: 4619-4621 Chester Avenue, 4601 Chester Avenue, 419-429 South 48th Street, 241 South 47th Street, 4416-18 Osage Avenue MARKET: Philadelphia, PA ASSET TYPE: Multifamily LANDLORD: New Horizons Housing LENDER: Peapack Gladstone Bank BROKER: Emil DePasquale - @BlackBearCapitalPartners LOAN AMOUNT: $17,500,000 LOAN TYPE: Refinance LOAN TERMS: 7-yr term featuring a fixed interest rate of 3.30%. NOTE FROM @BlackBearCapitalPartners: The 7-year, $17.5 million loan featured a fixed rate of 3.30% to refinance a five-property multi-family portfolio in Philadelphia, PA. The properties, which include 239 total residential units, are located at: 4619-4621 Chester Avenue, 4601 Chester Avenue, 419-429 South 48th Street, 241 South 47th Street, and 4416-18 Osage Avenue. Comprised predominantly of graduate students and young professionals, the Properties are well-located in proximity to both the University of Pennsylvania and Drexel University.

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4619-4621 Chester Avenue, 4601 Chester Avenue, 419-429 South 48th Street, 241 South 47th Street, 4416-18 Osage Avenue

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