Location: Northeast Philadelphia, PA
Property Type: Industrial/Warehouse
Transaction Type: First Mortgage
Loan Amount: $29,000,000
Details: White Plains, NY – Jeanne Cronin, Managing Director of Q10 | New York Realty Advisors is pleased to announce the closing of a first mortgage loan in the amount of $29,000,000 secured by a 14-building industrial portfolio located in Northeast Philadelphia, PA. The non-recourse loan was written for a 10-year term based on a 30-year amortization schedule. The interest rate was fixed at 4.22% for the term of the loan. The loan was a par loan.
The properties are owned, managed and leased by a prominent Philadelphia area family who has been in the real estate business for several decades and has amassed a substantial real estate portfolio over that period. They are savvy buyers with a focus on underperforming properties with significant upside potential. That strategy has worked extremely well and today their portfolio is a well-balanced mix of multi-tenanted and single tenant buildings ranging in size from 25,000 sf to >1 million sf.
As per Cronin, “the lender went above and beyond in addressing the Borrower’s needs. There were several unexpected issues that cropped up during the due diligence and closing process that the lender handled in a highly professional and pro-active way so that all parties’ interests were addressed and resolved to everyone’s satisfaction.”
Jeanne Cronin of Q10NY together with Larry Linksman of Bridge Funding originated and placed the loan.
Q10 | New York Realty Advisors, LLC is a member of Q10 Capital, LLC a leading commercial mortgage banking and investment sales company with 24 offices nationwide. Q10NY has the resources and expertise to successfully provide debt and equity solutions to all types of real estate transactions regardless of property type, size, location and complexity. Our clients are given access to a wide variety of lending sources and a full range of financing products through our established relationships with local and national lending sources. Our affiliation with Houlihan-Parnes Realtor, a multi-dimensional privately owned real estate company founded in 1891 provides a level of professionalism and expertise unmatched in the market. For more information please contact Jeanne Cronin of Q10 | New York Realty Advisors at 914-641-4383 or visit our website at www.q10capital.com or www.houlihanparnes.com
More Info: Jeanne Cronin at 914-641-4383 or