October 19, 2017 [Philadelphia, PA] — The Colliers Philadelphia Capital Markets team led by John Banas, Kris Wood, Chad Levitt and Jordan Canino arranged $26,100,000 in financing for the refinance of a portfolio of two properties: Pioneer Woods, a 160-unit apartment community located in Lancaster, Pennsylvania, and Rosedale Apartments, a 160-unit multifamily complex located in Hershey, PA.
Built in 1974, Pioneer Woods consists of 14 buildings (12 two-story and 2 three-story), situated on 34 sprawling acres. The current unit mix is 45 one-bedroom apartments, 71 two-bedroom apartments, 28 three-bedroom apartments, and 16 two-bedroom, two-story townhouses. The property is currently stabilized at 95% occupancy.
Built in 1972, Rosedale consists of 25 buildings (6 two-story and 19 three-story) with beautiful views accompanied by a pool, fitness center, and tennis courts. The current unit mix is 80 one-bedroom apartments and 80 two-bedroom apartments, featuring four different style apartments ranging from 566 square feet to 1,070 square feet. The property is currently stabilized at 99% occupancy.
For both Pioneer Woods and Rosedale, the team secured 5-year fixed rate loans with 5-year resets. “This was a new client who originally came to us for assistance with arranging equity for a separate project,” said Levitt. “After evaluating their portfolio, we saw an opportunity to recapitalize their existing properties achieving the same result at substantial savings,” added Banas.