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Original Northeast commercial real estate news & events for New York, New Jersey, Boston, Philadelphia, and other northeastern US states, plus expert insights, commentary and analysis into secondary and tertiary regional and local markets.
The Des Plaines, IL-based commercial real estate firm secured the financing from PCCP, LLC of New York City. The loan will repay the existing construction loan and provide additional time for lease-up and stabilization of the five-story 181-unit luxury apartment property.
The Wayne, PA-based firm sold 800 Walnut St., a 12-story 153,242-square-foot medical office building for $99.25 million to the University of Pennsylvania Health System. Liberty Property Trust developed the medical office tower in 2013 for $48.5 million.
The 99-year ground lease will bring UMass $235 million and has the potential to foster 3.4 million square feet of mixed-use development at the property.
Bain Capital raised $1.5 billion for its debut real estate fund, surpassing the original $1 billion target, as investors pour record amounts of capital…