WYNNEWOOD, PA-Cross Properties has secured a $23.5-million senior construction loan to convert a former seminary here into medical office space.
Eastern University sold the property at 6 E. Lancaster Ave. earlier this year for approximately $35 million when it decided to relocate its theological programs back to its St. David's, PA campus, according to the Philadelphia Business Journal.
Steven Rock of Marcus & Millichap arranged the construction financing that will see the former Palmer Theological Seminary property be converted into 132 apartments and a chapel retrofitted for approximately 13,500 square feet of medical space. See story in the Philadelphia Business Journal.
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