The financing consists of a five-year adjustable-rate first mortgage of $63.2 million from Fleet Boston Financial and a $9-million mezzanine loan from the Fleet Lend Lease Mezzanine Fund. Opening interest rate and amortization are undisclosed.
The financing was arranged by Jay B. Marshall and Christine M. Riniti of the Westport, CT office of Irving, TX-based Holliday Fenoglio Fowler.
Lynnewood Gardens, among the largest apartment community in the state, according to published reports, is 95% leased. It was built in 1951 and is currently undergoing extensive renovation.
The complex consists of 130 two-story colonial and federal style buildings on grounds that include a pool and sports complex, five playgrounds and parking for 3,000 cars. It is 25 minutes from Center City.
In a statement, Marshall calls Lynnewood "a quality asset in a prime suburbanPhiladelphia location." He credits Emmes with an "excellent job of stabilizing the property and maintaining a strong occupancy level. The new buyers intend to continue upgrading the units and increasing rental rates over the five- to seven- year hold period," he says.
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