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PHILADELPHIA-Elmwood Court I, a single-story, 60,000-sf industrial/warehouse property at 400 Elmwood Avenue in Sharon Hill, PA, receives a $2.2-million fixed-rate permanent loan, arranged by the Philadelphia-based retail loan origination office of Horsham, PA-based GMAC Commercial Mortgage Corp. In another transaction arranged by the same GMAC office, Langhorne, PA-based 1862 Lincoln Highway Associates obtained a $2-million fixed rate loan for the 33,450-sf facility currently occupied by Pitcairn Volvo and Volkswagen dealerships.

The Henderson Group of Sharon Hill received the financing for the Sharon Hill property, which GMAC obtained through the Wellesley, MA-based US arm of Sun Life of Canada.Elmwood Court is one of two similar-size facilities that share a 4.62-acre land parcel in Delaware County.

The Pitcairn Volvo and Volkswagen dealerships include a 7,886-sf freestanding showroom/office building and a 24,564-sf showroom/service garage structure situated on 3.16 acres. The lender is Portland, OR-based StanCorp Mortgage Investors, the subsidiary of StanCorp Financial Group that specializes in small business commercial real estate loans.

Terms of the financing were not disclosed. Warren Higgins, GMACCM senior vice president of the Philadelphia office, arranged both transactions.

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