Wednesday, September 15, 2010

Developer Gets Financing for Apt Project In Suburban Philadelphia

"Jefferson Apartment Group secured a $22.85 million, 36-month construction loan through Wells Fargo’s Real Estate Banking Group for development of Jefferson at West Goshen, a 230-unit luxury multi-housing community to be built in West Goshen, PA.

AEW Value Investors II, a value-added real estate fund sponsored by AEW Capital Management, L.P., provided joint venture equity for the project. The financing and JV equity were arranged by the Washington, D.C. and New Jersey offices of HFF (Holliday Fenoglio Fowler, LP).

Jefferson at West Goshen will be a four-story building with one-, two- and three-bedroom units averaging 1,024 square feet each. Community amenities will include a 5,600-square-foot clubhouse, resident pub room, business center, two-story fitness center, theatre room, swimming pool, grill area and dog park. The project, due for completion in 2011, is on 12.8 acres at the intersection of US Route 202 and South Matlack Street, about one mile from downtown West Chester and 25 miles west of downtown Philadelphia."

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