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BENSALEM, PA-A local private family investment group has acquired a two-property, 412-unit multifamily portfolio consisting of Bucks Meadow and Bucks Crossing for nearly $24.5 million. The properties are located across from each other on Knights Road.

The identity of the seller was undisclosed. Israel Schubert and Elliot Treitel of the Iselin, NJ office of New York City-based Meridian Capital Group LLC arranged the acquisition financing, which was separate for each property, but aggregated $22.5 million, or 92% of the total cost. Citing a confidentiality agreement, they declined to identify the lenders.

The 344-unit Bucks Meadow property obtained a total financing package of $19.3 million. Of that, Schubert tells GlobeSt.com, there was an $18-million first mortgage consisting of a $17-million a-piece and $1-million b-piece, plus an additional mezzanine loan of $1.3 million. “The five-year term includes three years interest-only,” he says without revealing the interest rates for any of the three components. The 68-unit Bucks Crossing property obtained $3.2 million in financing for a five-year term.

Treitel says the new owner plans extensive renovation of the properties and intends to keep them as rentals. The $59,360.48-a-unit price tag exceeds the Philadelphia-area’s overall median price of $56,114 a unit, year-to-date, according to a just-released August report from the Philadelphia office of Marcus & Millichap. That median price is up from $52,317 a unit at year-end 2004, according to the report, which projects a 5% increase in selling prices for multifamily assets in the Philadelphia MSA this year.

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