HFF senior managing director Jim Cadranell worked exclusively on behalf of Altman Cos. to secure two, 10-year, 6.25% fixed-rate loans. Wachovia Multifamily Capital Inc. and Fannie Mae provided a $4.6 million loan for Plaza I and a $4.4 million loan for Plaza II Apartments. Despite market stagnation, Candranell tells GlobeSt.com that Plaza Apartments is a very solid property with good occupancy history that fit well into Wachovia and Fannie Mae's lending criteria.
Located on 24 acres at 1813 Summit St., Plaza I and II Apartments is adjacent to the Lebanon Place Mall and close to the Pennsylvania Turnpike in Lebanon, a south central Pennsylvania suburb. The 98% leased property has 12, three-story buildings with one-, two- and three-bedroom units averaging 780 square feet each. Community amenities include a swimming pool, two tennis courts, a half-court basketball court and tot lots.
Fort Washington, PA-based Altman Cos. is a full-service real estate firm that owns and operates several thousand multifamily units throughout eastern Pennsylvania, and manages more than 14,000 units in Pennsylvania, New Jersey and Delaware.
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
