WYNNEWOOD, PA – Marcus & Millichap Capital Corporation (MMCC), a leading provider of commercial real estate financing and capital markets expertise, has arranged $23,500,000 in financing for the purchase and conversion of a 120,000 square foot multifamily and medical office asset in Wynnewood, Pa. for Cross Properties, a formidable real estate developer based in Philadelphia, Pa.
Steven Rock, a senior director in the firm’s Manhattan office, arranged the loan. “This property is a historical landmark,” says Rock. “The conversion to luxury apartments has enormous demand and will add tremendous value to the property and location.”
Originally used as a school and dormitory, the property went through an adaptive re-use and re-zoning process to obtain entitlements and approvals for the conversion to residential and office use. After several years of working with Lower Merion Township, the property was eligible for a conversion. The mixed-use property includes13,500 square feet planned for medical office use and 132 luxury apartments.
The property will also have exclusive amenities, including a fitness center, pool, club room, and roof deck.
“We are delighted that we could obtain and secure the financing and structure a great partnership. The venture we formed will complete the construction, lease up and stabilize the property over the next two years,” concludes Rock.