AMBLER, PA-Rreef has obtained a $24-million loan for the Woods, a 321-unit multifamily asset it acquired last year with all cash on behalf of a pension fund. Rreef plans to put the fund toward renovations and repositioning of the asset.

The funding represents a 70% loan-to-cost ratio on the asset, which is located on 32.5 acres at 1410 Butler Pike, adjacent to Route 309, 10 miles north of Philadelphia. Gerard Sansosti, senior managing director, and Nick Matt, managing director in the Pittsburgh office of Holliday Fenoglio Fowler, along with Mark Gibson, executive managing director in HFF's Dallas office, secured the loan through Boston-based Babson Capital Management. Sansosti says it is for a five-year term at a fixed interest rate of 5.35%. HFF is also servicing the loan.

The property is 92% leased, and Sansosti says occupancy levels have stayed above 90% for the past six years. He expects "renovations to improve those numbers." The complex's amenities include a clubhouse, pool, fitness center and tennis courts.

The one- and two-bedroom units range from about 700 sf to 875 sf. Published rental rates begin at $890 a month and reach to $1,140 a month. The property also contains one four-bedroom, 2,400-sf single-family home.

The complex was built in 1974. Matt tells GlobeSt.com that Rreef will upgrade units, "add new carpeting and turn over kitchen appliances, and spend about $4,000 to $5,000 and bring the rent rates up a bit."