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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, 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

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