WEST GOSHEN, PA-Holiday Fenoglio Fowler (HFF) arranged $22.9 million in debt for Jefferson at West Goshen, a 230-unit apartment development going up here that is set for completion next year. The developer is a firm called Jefferson Apartment Group, and Wells Fargo's Real Estate Financing Group is providing the funds.
The construction loan lasts 36 months, and an arm of AEW Capital Management is providing joint-venture equity for the project. HFF senior managing directors Bob Donhauser and Bill Asbill and managing director Jim Cadranell worked on behalf of Jefferson Apartment Group to secure the funds.
Jefferson at West Goshen will be four stories and feature one, two and three-bedroom units that average 1,024 square feet. The project is going up at the corner of US Route 202 and South Matlack Street.
Also in Pennsylvania, HFF is marketing a 352-unit multifamily asset in Monroeville, 15 miles east of Pittsburgh. Abacus Capital is the owner of that property.
Jefferson Apartment Group, based in McLean, VA, has acquired and developed 18,000 units on the East Coast totaling $3 billion.
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