BALA CYNWYD, PA—Hunt Mortgage Group has provided a $4.6 million Freddie Mac conventional loan facility to refinance a multifamily property in Bala Cynwyd, PA that's had the same owner for nearly 55 years.
Located at 121 and 125 Montgomery Avenue, Pembroke Apartments consists of two residential buildings containing 32 units, owned since construction by Tepper Properties, Inc., a Pennsylvania corporation, backed by Joan Tepper. The buildings were developed in 1961 and 1962 with 32,935 square-feet of rentable space, situated on a 1.146-acre parcel of land. Pembroke was renovated in 2009, and offers two studio units, nine one-bedroom apartments, 13 two-bedroom units, seven three-bedroom apartments and one four-bedroom unit. The property also offers 42 open parking spaces.
“Joan Tepper had been successfully operating Pembroke Apartments since it was built in 1961, and has been personally managing the property for the past 20 years,” says Steven Cox, managing director at Hunt Mortgage Group. “In addition, the property has been 100% occupied for past two years, which is greater than the current market economic occupancy.”
Pembroke Apartments is located in Montgomery County, on the corner of Pembroke Road and Montgomery Avenue. Located in the Bala Cynwyd submarket, the property is 0.7 miles from Saint Joseph's University, 2.5 miles from West Fairmount Park, 6.4 miles from the central business district of Philadelphia and 12.7 miles from the Philadelphia International Airport.
“While the area surrounding Pembroke Apartments is primarily residential, it is well-located near grocery stores, and public and private schools,” says Kristian Molloy, vice president at Hunt Mortgage Group. “The property has been very well maintained and is in good condition. We were pleased to close this loan.”
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
