PHILADELPHIA-Parkway Corp. purchased the American Loft apartmentcomplex in the Northern Liberties neighborhood here. The 11-storycomplex, with 40 units, was acquired out of foreclosure fromAbington Bank.
Parkway's management did not reveal how much it paid for theasset, but the bank bought the development back from Creating Real EstateInnovations for $8.6 million last year after givingthe developers just more than $15 million in construction loans,according to the Philadelphia Inquirer.
For Parkway, which specializes mainly in the development andownership of parking structures and has built condo developments inthe past, this is its first apartment-complex acquisition. "We'dlike to know how our success goes before we jump in with bothfeet," Jake Winigrad, a vice president with the firm, tellsGlobeSt.com regarding future apartment purchases.
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