Wednesday, June 7, 2017

Metropolitan Properties of America Secures $91M Financing for 100 York Apts

Metropolitan Properties of America secured a $91 million loan for its 100 York apartment complex at 100 Old York Rd. in Jenkintown, PA.

Brad Johnson, senior vice president with CBRE's debt and structured finance department in Philadelphia, PA arranged the financing on behalf of the borrower.

The 12-story, 500,000-square-foot multifamily complex features 588 units and was built in 1955 with a recent renovation completed in 2016. The financing was established to reposition the property and upgrade it to a class A asset. Located within Abington Twp approximately 10 miles north of Center City, the asset features tennis courts, outdoor swimming pool, amenity center with fitness center and yoga studio, cardio room, billiards and game rooms, business center, theater and resident lounge.

"This transaction provides us with the opportunity to expand our lending portfolio in the Philadelphia area and establish a lending relationship with Metropolitan Properties of America, a sponsor with significant multifamily experience throughout the nation," said Michael Lavipour, principal with Square Mile. "After the recent renovations, 100 York is very well-positioned to take advantage of positive market fundamentals as the most newly-renovated and highly-amenitized product within the immediate area."

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