Breaking News

>

Marcus & Millichap inks $23M rental deal

Marcus & Millichap Capital Corporation (MMCC) has arranged $23,500,000 in financing for the purchase and conversion of a 120,000 s/f multifamily and medical office asset in Wynnewood, Pa. for Cross Properties, a real estate developer based in Philadelphia, Pa.

STEVEN ROCK

Steven Rock, a senior director in the firm’s Manhattan office, arranged the loan.

“This property is a historical landmark,” said Rock. “The conversion to luxury apartments has enormous demand and will add tremendous value to the property and location.”

Originally used as a school and dormitory, the property went through an adaptive re-use and re-zoning process to obtain entitlements and approvals for the conversion to residential and office use.

After several years of working with Lower Merion Township, the property was eligible for a conversion. The mixed-use property includes 13,500 s/f planned for medical office use and 132 luxury apartments.

“The venture we formed will complete the construction, lease up and stabilize the property over the next two years,” added Rock

Leave a Reply

Your email address will not be published. Required fields are marked *

Copyrıght 2013 FUEL THEMES. All RIGHTS RESERVED.