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