New Horizons Housing Refinances Philadelphia Multifamily Portfolio With $17.5M Loan From Peapack Gladstone Bank
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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
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- Location4619 Chester Avenue, Philadelphia, PA, USA
- Loan Value$17,500,000
- Asset TypeMultiFamily
- Parties3 Brokers, 1 Agency, 1 Lender
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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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