HFF arranges $34 Million Financing for Multi-Housing Community in Suburban Philadelphia
HFF has arranged $34 million in financing for the newly completed Station at Bucks County, a 233-unit luxury multi-housing community in Warminster, Pa., a suburb of Philadelphia.
HFF represented the borrower, J.G. Petrucci Co., a privately-held full-service owner and developer of industrial, office, medical, retail and other commercial properties throughout the northeastern United States. Webster Bank provided a 10-year, fixed-rate loan. Webster had provided a $32 million construction loan to the borrower in 2011.
The Station at Bucks County is located at 330 Jacksonville Road, in walking distance to the Warminster Train Station and about 14 miles north of the Philadelphia city center. Completed in 2012, the property consists of 19 buildings with one- and two-bedroom units averaging 932 square feet. It features a clubhouse with 24-hour access to a fitness center, a swimming pool and garages for select units.
Since March, 145 out of 233 apartments have been rented out, according to John Menno, regional sales and marketing manager at Prudential Fox and Roach Realtors. Asking prices for one-bedrooms start at $1,120 a month, and those for two-bedrooms start at $1,495 a month, Mr. Menno said.
The HFF team representing J.G Petrucci Co. was led by senior managing director Jon Mikula.