The lender is Des Moines, IA-based Principal Global Investors. Jim Cadranell, managing director, and Michael Klein, associate director in the Florham Park, NJ office of HFF, arranged the loan. Michael Klein is unrelated to the borrower. Without disclosing the rate, Cadranell says, the new loan "allows the property owner to utilize additional proceeds to reinvest in the asset."
Townline Townhomes was completed in 1972. It is located on 40 acres adjacent to the Shoppes at Blue Bell and near the Pennsylvania Turnpike northwest of Philadelphia.
The complex includes luxury amenities, including a clubhouse and fitness center. The one-, two- and three-bedroom units average 1,138 sf. The published rent rates for a two- and three-bedroom unit are $1,400 a month and $1,750 a month, respectively. "Occupancy is in the mid- to high 90%," according to HFF.
The Klein Co. specializes in the acquisition, development, construction and management of luxury multifamily properties. It currently owns more than 2,000 units in Pennsylvania and Florida.
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