Pioneer Woods – Lancaster, Pennsylvania
Rosedale Apartments – Hershey, 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.
About Colliers International
Colliers International Group Inc. (NASDAQ: CIGI; TSX: CIG) is an industry leading global real estate services company with more than 16,000 skilled professionals operating in 66 countries. With an enterprising culture and significant employee ownership, Colliers professionals provide a full range of services to real estate occupiers, owners and investors worldwide. Services include strategic advice and execution for property sales, leasing and finance; global corporate solutions; property, facility and project management; workplace solutions; appraisal, valuation and tax consulting; customized research; and thought leadership consulting.
