New York, NY – September 1, 2015 – (RealEstateRama) — Hunt Mortgage Group, a commercial real estate lender, announced today that it has provided a $4.6 million Freddie Mac conventional loan facility to refinance a multifamily property located in Bala Cynwyd, Pennsylvania.
Located at 121 and 125 Montgomery Avenue, Pembroke Apartments is comprised of two residential buildings containing 32 units. 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.
The Borrower is Tepper Properties, Inc., a Pennsylvania corporation, backed by Joan Tepper. The facility carries a seven-year term amortizing over 30 years with two years of interest only.
“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,” said 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.”
Pembroke Apartments is located in Montgomery County, on the corner of Pembroke Road and Montgomery Avenue. Located in the Bala Cynwyd submarket, the property is 0.7 miles from Saint Joseph’s University, 2.5 miles from West Fairmount Park, 6.4 miles from the central business district of Philadelphia and 12.7 miles from the Philadelphia International Airport.
“While the area surrounding Pembroke Apartments is primarily residential, it is well-located near grocery stores, and public and private schools,” added Kristian Molloy, Vice President at Hunt Mortgage Group. “The property has been very well maintained and is in good condition. We were pleased to close this loan.”