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, 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