The Station at Manayunk, a 149 unit apartment community in suburban Philadelphia has received a $25 million loan. Holliday Fenoglio Fowler worked on behalf of the borrower, J.G. Petrucci Company, to place the 15-year loan with Principal Real Estate Investors. The proceeds were used to refinance the project’s construction loan. Completed in 2014, the property is located at 1 Parker Road in the Manayunk neighborhood of Philadelphia and features a bike share program and numerous landscaped outdoor spaces, including two picnic areas with grilling stations.
“There is a lack of new luxury multifamily housing near transit in the Philadelphia area,” said Jon Mikula, HFF. “With a train stop immediately in front of the property, The Station at Manayunk has helped to fill the demand in the market, which was evidenced by the property’s quick lease-up.”
