Source: NAI Bluestone Real Estate Capital
PHILADELPHIA, PA - NAI Bluestone Real Estate Capital, a Philadelphia-based real estate investment banking and advisory firm, has successfully closed five financing transactions in the Greater Philadelphia region totaling approximately $70M in the past 30 days.In Philadelphia, Bluestone successfully closed $48M in high profile transactions including $21M in permanent financing for Tower Investment’s Erbe Apartment complex in Northern Liberties and $17M in redevelopment financing for the Robert Morris Building in Center City. In addition, Bluestone secured an additional $10M in equity financing from 806 Capital for Center City Northeastern, a 280,000 sq. ft. medical office complex located in the Port Richmond area. 806 Capital will join Bluestone as co-general partners of the project.
“Bluestone’s success is rooted in quality relationships with fiscally healthy lenders, investors and clients who have managed to avoid being hurt by the credit crisis,” said Matthew McManus, Chairman, NAI Bluestone Real Estate Capital. “Lenders today are extremely selective and stringent when it comes to approving, underwriting and structuring loans, which makes attracting financing a particular challenge for borrowers. Bluestone’s market knowledge aids its clients in choosing the right capital sources and advises on the appropriate structure to attract the active capital in today’s market.”
Highlights of Bluestone’s closed transactions in the past 30 days include:
$21M: Erbe Apartment Complex, Philadelphia, PA: Bluestone secured $21M in permanent mortgage financing from Fannie Mae on behalf of Tower Investment's Erbe Apartment complex in Northern Liberties, Philadelphia. The loan was financed through Bluestone’s correspondent relationship with Greystone, a Fannie Mae DUS lender.
$17M: Robert Morris Building, Philadelphia, PA: Bluestone secured a $17M re-development loan from a regional bank on behalf of 806 Capital and Federal Realty Advisors. The financing will be used to convert the former office building into 111 luxury apartments.
$10M: Center City Northeastern, Philadelphia, PA: 806 Capital joined Bluestone as co-general partner for Center City Northeastern in deal valued at $10M. Formerly known as Temple University’s Northeastern Hospital, Center City Northeastern is currently being converted into a Class A hospital and multi-tenant medical office facility anchored by Temple University Health Systems.
$20M: Woodbury Mews Senior Housing Facility: Bluestone advised Media, PA-based Capital Health Group on a $20M bridge loan for Woodbury Mews, a 228 unit senior housing facility located in Woodbury, NJ.
$4.5M: Cedar Ridge Apartments, Pittsburgh, PA: Bluestone secured $5M in permanent mortgage financing for Cedar Ridge Apartments located in suburban Pittsburgh, PA. Financing was provided through Bluestone correspondent relationship with Greystone, a Fannie Mae DUS lender.
NAI Bluestone Real Estate Capital is a Philadelphia-based commercial real estate investment banking and advisory firm that secures innovative debt, mezzanine, equity and sponsor equity financing for the nation’s top-tier investors, operators, owners and developers. Leveraging its up to the minute market knowledge, credibility and relationships with highly regarded institutional financing sources, NAI Bluestone specializes in closing complex deals for sophisticated clients.