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Two Multifamily Properties Obtain $12.75M in Financing

PHILADELPHIA-The 150-unit Newtown Place apartments in Newtown, PA, and 80-unit

By Marita Thomas | Updated on July 21, 2003

PHILADELPHIA-Wynmere Hunt Associates, the Pennsylvania limited partnership that owns Wynmere Chase Apartments in Horsham, PA, and Newtown Place Apartments in Newtown, PA, obtained $12.75 million in refinancing from HomeStreet Capital, the Voorhees, NJ-based partner of Seattle-based Quaker Capital. HomeStreet arranged the loan under Fannie Mae’s DUS, delegated underwriting and servicing, multifamily program.

Newtown Place consists of 150 units, 110 of which are in duplex townhouses with the remaining 40 in five garden-style buildings. The property was completed in 1987 and includes two tennis courts, a children’s play area, and a jogging/biking trail. Rent for a two-bedroom unit is approximately $1,100 a month; larger units rent in the $1,300-a-month range.

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