Jenkintown & Philadelphia, PA — Richard Natow, President of Devon, PA based Prestige Group, Inc. announced that Prestige Group Capital Market/Consulting Division was responsible for arranging a $20,040,000 loan to refinance a mixed-use complex located on the 300 block of Highland Ave., Jenkintown.
Prestige Group’s Capital Marketing/Consulting Division, under the leadership of Bob Cohen, EVP, was contracted by the owner, a local real estate investment group, to assist them in securing a loan to refinance their existing construction loan. Through the relationships that Bob Cohen has developed, we were able to help secure the owners a loan with a regional bank.
The majority of the loan ($19,050,00) was for the re-financing of the construction loan. The balance ($1,350,000) is for the renovation of one of the buildings on the property.
Cohen said, “This was a challenging and interesting project. Ownership needed to refinance their construction loan and there are other properties on the site. All the properties are in excellent shape with no deferred maintenance, except for the PECO substation. They have strong tenants in place which was a benefit in the loan process. The owners are planning to renovate the vacant substation. A new loan was structured for the original construction loan with the rest going towards the renovation of the substation.”
The complex consists of three buildings and a vacant electric substation.
• The office building was built in 2020. It is a four-story brick 35,500+/-s/f building. It sits on .89 acres. There is ample parking. There is a mix of medical and business tenants: Berkshire Hathaway Real Estate, The Open Space Performance and Event Space, medical offices
• There is a 42,000+/-s/f single tenant building which houses LA Fitness. This parcel consists of approximately 5 acres.
• A single story 4,000+/-s/f building houses a restaurant (Bernie’s Restaurant and Bar). It is situated set on .89+/-acre. They may be expanding the restaurant.
• There is a 3,840+/-s/f vacant electric substation set on .62+/-acre. The owner plans to renovate this building.
In a separate achievement, Cohen was responsible for arranging a $1,136,000 loan to refinance a medical office building located at 9601 Bustleton Ave., in the Northeast section of Philadelphia.
Cohen was contracted by the owner, a local investment group, to assist in securing a re-finance as the existing mortgage was coming due. Through the relationships that Cohen has developed, we were able to help secure the owners a loan with a regional community bank.
Cohen said, “This was an interesting and advantageous journey for the Owner. The building was originally 50% occupied but the single tenant eventually leased the entire building. This change in occupancy enabled the building to appraise for a higher value and the bank felt comfortable with a higher loan amount.”
The single story, class B office building is 7,500+/-s/f and sits on over 1/3 acre. It has ample parking for 42 vehicles with prime signage, the location provides for strong traffic counts.
Commenti