Wednesday, November 4, 2015

$26.8M mortgage loan originated for Penrose Plaza shopping center


An investment fund operated by New York's Square Mile Capital Management has originated a $26.8 million mortgage loan for the Penrose Plaza shopping center in Southwest Philadelphia, the company said in a release on Tuesday.

Square Mile Capital Partners is funding the center's recent acquisition and planned capital expenditures by a joint venture of Onyx Properties, Abrams Realty & Development, and Siguler Guff.

The 261,000-square-foot property at 2900-3000 Island Ave. is anchored by a ShopRite supermarket.

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