Friday, November 30, 2018

Deutsche Bank's Asset Manager Sells 636-Unit Apartment Complex in Philadelphia

Lakewood, New Jersey-based Chelsea Management, a full service investment firm, purchased a 636-unit apartment complex in Philadelphia from DWS Group, Deutsche Bank's asset manager. Lincoln Green sold for $102.6 million, or about $161,000 per unit.

The garden-style complex at 4000-4040 Presidential Blvd. comprises one- and two-bedroom units ranging from 588 to 960 square feet in 30, three-story buildings. Built in 1986, the Class B property spans north of 20 acres less than two miles from the Bala train station.

Chelsea Management secured $91.59 million in financing for the acquisition of Lincoln Green. Dan Sacks of Greystone orginated the Freddie Mac loan, which features a 10-year fixed rate and six years of interest-only payments over a 30-year amortization period with leverage at 80.3 percent of the purchase price.

"The execution all around was stellar, and an absolute homerun for our client. That is truly what being a mortgage banker is all about, and we are grateful to have such close working relationships with our clients and our agency partners," Sacks said in a statement.

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