Northmarq secures $39.35M refinancing for two Philadelphia, PA apartments

John Banas and Kris Wood secure permanent fixed-rate financing

PHILADELPHIA, PA — Northmarq’s Philadelphia Debt + Equity team led by John Banas and Kris Wood completed a combined $39.35 million in refinancing for two central Pennsylvania multifamily housing communities:

• Pioneer Woods (9 Lamppost Ln., Lancaster, PA)

• Rosedale Apartments (199 Cherry Dr., Hershey, PA)

Northmarq arranged the permanent-fixed rate financing on both opportunities on behalf of the borrower, Boyd Wilson, through its in-house Fannie Mae DUS platform. Each transaction was structured with 10-year terms.

Built in 1974 and featuring 160 units, Pioneer Woods is situated on 30 sprawling acres surrounded by farmland in Lancaster County. It offers residents privacy along with views of the scenic countryside. The one-, two- or three-bedroom units feature central air conditioning, an in-home wash/dryer, 24-hour on-call emergency maintenance, a deck or patio, fully-equipped kitchens and private entrances to select homes.

Community features include maintenance-free landscaping, off-street parking, common green space, pet stations, two community playgrounds, a picnic area, and an outdoor BBQ and firepit.

Rosedale Apartments, built in 1972 and featuring 160 units, offer a community in a quiet area minutes from downtown Hershey. One- and two-bedroom apartments feature central air conditioning, fully-equipped kitchens, and 24-hour on-call emergency maintenance.