Multifamily Community in Suburban Philadelphia Receives Financial Help

A nearly 55-year-old multifamily community located just 6 miles from Philadelphia’s Central Business District received a helping hand from a commercial real estate lender.

Hunt Mortgage Group provided a $4.6 million Freddie Mac conventional loan facility to refinance Pembroke Apartments, a two-building residential situated on a 1.146-acre parcel of land in the Bala Cynwyd submarket. The borrower is Tepper Properties Inc., a Pennsylvania corporation backed by Joan Tepper.

Pembroke Apartments - Bala Cynwyd, PA

Pembroke Apartments – Bala Cynwyd, PA

According to an official statement issued by Hunt Mortgage Group, the community carries a seven-year term amortizing over 30 years, with two years of interest only.

Built in 1961 and 1962, Pembroke Apartments is located at 121 and 125 Montgomery Ave., less than one mile from Saint Joseph’s University, 2.5 miles from West Fairmount Park, and less than 13 miles from the Philadelphia International Airport.

The property has had the same owner since its completion and has been fully occupied for the past two years. It was renovated in 2009 and offers 32 apartments ranging from studios to three-bedroom units, and one four-bedroom unit. Additionally, the community offers 32,935 square feet of rentable space, and surface parking for 42 vehicles.

Yardi Matrix market reports show that average monthly rents in suburban Philadelphia range from $990 for a one-bedroom to $1,386 for a two-bedroom units. Currently there are 18 residential projects totaling almost 3,150 apartment units under construction in the area.

Image via Pembroke Apartments’s website