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Healthy lifestyle brand, Life Time will occupy the space, opening its first Brooklyn location at the mixed-use, residential and retail development.

The joint-venture transaction, facilitated by five Fannie Mae loans, consists of five apartment communities totaling 1,156 units.

PREIT says it has recognized the growing demand in this segment and has strengthened its portfolio to include a variety of health-oriented concepts, most recently incorporating Onelife Fitness at the Valley Mall, Peloton at the Cherry Hill Mall and Edge Fitness opening this fall at the Plymouth Meeting Mall.

The brokerage firm reports the non-recourse loan for the Jersey City-based REIT was funded by Apollo Global Management through Athene Annuity & Life Assurance Co.

“Once in a generation, if ever, does a portfolio of this magnitude come to market in such desirable locations offering value-add appreciation opportunities through unit renovations and capital-improvement implementations on a grand scale,” Uranowitz says.

The properties acquired total a combined 317 units and increase the firm’s multifamily holdings in Chicago to 1,063 units and its total holdings in the Washington DC metro area to 1,169 units, according to John Williams, president and CIO at Avanath Capital Management.

Slated to break ground in the summer of 2020, PMG’s first Wynwood project will feature more than 220 apartments, a hotel component, a rooftop bar and restaurant, and more than 35,000 square feet of retail.

Northmarq SVP Ryan Whitaker with the firm’s Jacksonville office arranged the financing transaction for the borrower through its relationship with FHA/HUD. The permanent 223 (f) loan has a 35-year term and a 35-year amortization schedule.