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Located in Philadelphia, PA, The Glen at Shawmont Station is a garden style apartment community consisting of 10, three story buildings situated over 18 acres. The property is nearly 100% occupied and offers excellent access to downtown Philadelphia and the surrounding suburbs. Completed in 2006, the property's amenities include a combination leasing office/clubhouse, which includes a full size kitchen, leasing office, sample apartment unit, exercise facility and a "cyber cafe" with wireless internet access.
"This deal was particularly challenging because we had an extremely short window to secure four loans and negotiate favorable terms, which can be nearly impossible in today's market," said Timothy Bradley, Senior Associate, NAI Bluestone Real Estate Capital. "The strength of the property's historic operating history, coupled with our relationships with agency and local lenders, allowed us to extend the loan terms and secure favorable rates from the lenders on behalf of Andorra."
"Our ability to secure a loan of this size, from disparate financing sources, in an incredibly short time frame is proof that financing solutions are still available today, but they require tenacity, industry know-how and strong relationships with lenders," said Matthew McManus, Chairman of NAI Bluestone. "The successful financing of this project is representative of the type of unique and often complex transactions in which NAI Bluestone specializes."
The 10 year, senior permanent loan is fixed at 6.2% and amortized over 30 years.
ABOUT NAI BLUESTONE REAL ESTATE CAPITAL
NAI Bluestone Real Estate Capital is a Philadelphia-based commercial real estate investment banking and advisory firm that secures innovative debt, mezzanine, equity and sponsor equity financing for the nation's top-tier investors, operators, owners and developers. Leveraging its up to the minute market knowledge, credibility and relationships with highly regarded institutional financing sources, NAI Bluestone specializes in closing complex deals for sophisticated clients.
NAI Bluestone is part of NAI Global's managed network, which includes over 5,000 professionals and 325 offices in 55 countries. NAI professionals complete over $45 billion in transactions annually. For more information please visit www.bluestonecap.com.
SOURCE: NAI Bluestone Real Estate Capital
NAI Bluestone Real Estate Capital by Maven Communications Rebecca Devine, 267-546-9009 rdevine@mavenagency.com
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