Mission Capital arranges $16.5 million in bridge financing for Valley Square in Blue Bell, PA
BLUE BELL, PA — Mission Capital Advisors announced that its Debt & Equity Finance team arranged a $16.5 million bridge loan for Valley Square, a five-building, 289,194 s/f office complex located at 512 Township Line Rd. in Blue Bell. The Mission Capital team of Steven Buchwald and Lexington Henn arranged the loan on behalf of Contrarian Capital Management, a Connecticut-based investment firm (“Contrarian”).
After acquiring the complex in 2013 for only $8.5 million, Contrarian and operating partner Corvest Realty Group implemented millions of dollars of capital improvements at the property and substantially leased many of the upgraded buildings.
“Because Valley Square was acquired at such a low basis, the property has a competitive advantage, as it provides a value alternative for office tenants looking for space in the submarket,” Buchwald said. “The sponsor has successfully repositioned the property, resulting in great leasing velocity and momentum.”
Originally constructed in 1983, Valley Square is located in the heart of Pennsylvania’s Montgomery County, 20 minutes northwest of Philadelphia. The property provides easy access to the PA Tpke. and other major thoroughfares.