The single-story, 294,148-sf warehouse property in the Kensington section of Philadelphia was constructed in the early 1960s and is fully occupied by Case Paper. Kensington is an industrialized sector of the city and contains multiple, loft-style industrial buildings. James Grunning and Greg James of LJ Melody & Co.'s Saddle Brook, NJ office secured the funding from Morgan Stanley Mortgage Capital Inc. Loan terms are undisclosed.
Aaron Abelson, director in the Chicago lending office of Uniondale, NY-based Arbor Commercial Mortgage, originated funding for the 46-unit apartment complex. The 10-year loan is amortized on a 30-year schedule and carries a note rate of 6.41%.
The refinancing is from Fannie Mae's Aggregation Facility product line, an alternative to conduit loans, which provides competitive terms for the refinancing of apartment projects. A multifamily property must be 85% occupied to qualify for funding under this Fannie Mae program.
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