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The Cubes at Lehigh Valley – Airport Road is our first foothold in the Lehigh Valley industrial market. We see significant opportunity along Route 22 and I-78 corridors,” says CRG senior vice president Frank Petkunas.
It's Pearl's second hotel in the heart of Center City Philadelphia and underscores the developer's continued commitment to the transformation of the City's Parkway corridor.
"Following the success of Metroplex One, we saw significant value in creating a striking and innovative ground-up development that could attract large, forward-thinking brands to the region," says Jerry Sweeney, president & CEO of Brandywine Realty Trust.
Greystone was able to optimize the sponsor's value-add business plan to complete the interior renovations already underway by the asset's former owner, an affiliate of Deutsche Bank AG.
"Obviously, it's the most dramatic, strongest market industrial space has ever seen in its history no matter what statistic you look at," says Liberty Property Trust's Bill Hankowsky.
"These 26 new homes will help ensure working families can continue to plant roots in Philly neighborhoods experiencing price appreciation," says City Council president Darrell L. Clarke, who has long championed increasing the City's affordable housing stock.
The Reading multifamily loans are backed by a local sponsor and management company, whose real estate portfolio consists of 2,000 multifamily units in 15 multifamily properties.