BALA CYNWYD, PA—Hunt Mortgage Group has provided a $4.6 million Freddie Mac conventional loan facility to refinance a multifamily property in Bala Cynwyd, PA that's had the same owner for nearly 55 years.
Located at 121 and 125 Montgomery Avenue, Pembroke Apartments consists of two residential buildings containing 32 units, owned since construction by Tepper Properties, Inc., a Pennsylvania corporation, backed by Joan Tepper. The buildings were developed in 1961 and 1962 with 32,935 square-feet of rentable space, situated on a 1.146-acre parcel of land. Pembroke was renovated in 2009, and offers two studio units, nine one-bedroom apartments, 13 two-bedroom units, seven three-bedroom apartments and one four-bedroom unit. The property also offers 42 open parking spaces.
“Joan Tepper had been successfully operating Pembroke Apartments since it was built in 1961, and has been personally managing the property for the past 20 years,” says Steven Cox, managing director at Hunt Mortgage Group. “In addition, the property has been 100% occupied for past two years, which is greater than the current market economic occupancy.”
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 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.