The Philadelphia Housing Authority secured key federal funding to clear the way for a long-promised public housing redevelopment.
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The U.S. Department of Housing and Urban Development awarded a $50M Choice Neighborhoods Initiative implementation grant to PHA for the Kingsessing/Bartram Village neighborhood in Southwest Philadelphia. PHA intends to leverage the CNI grant into upward of $300M in total funding for new development at both the Bartram Village public housing project and the surrounding neighborhood, the authority said in its announcement.
The grant can kick-start the Pennrose-led replacement of the 500-unit Bartram Village complex announced in 2018, local officials and Pennrose CEO Mark Dambly said in statements provided with the announcement. Tentative plans call for the construction of 500 affordable rental apartments, 30 affordable homes for sale and 78 market-rate rental units.
PEOPLE
Lee & Associates added three new members to its suburban Philadelphia team, led by the hiring of Matt Macdonald as vice president from Markward Group, where he held the same title. New associates James Franchetti and Sean Campbell come from positions at Republic Bank and a research internship with Lee & Associates, respectively.
All three will work under Lee & Associates' new Pennsylvania market leader Dwight Hotchkiss, focusing primarily on industrial real estate in the Philly suburbs, both in Pennsylvania and South Jersey.
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Law firm Obermayer Rebmann Maxwell & Hippel formed a distressed real estate group within its local practice, the Philadelphia Business Journal reports. Obermayer Chair David Nasatir and bankruptcy department head Edmond George will lead the new interdisciplinary team.
FINANCING
EQT Exeter launched an initial public offering of a public, income-focused REIT called EQT Exeter Real Estate Income Trust, putting $5B worth of shares up for sale, $4B in the form of common stock with a starting price of $10 per share.
The new trust, trading as EQRT, was formed to invest in stabilized, income-generating properties, with a target portfolio ratio of 80% industrial and life sciences properties to 20% multifamily and self storage assets.
EQT Exeter, an industrial-focused investment and development firm based in Philly but owned by Sweden-based EQT AB, closed a separate fund focused on industrial property acquisition in July after raising $4.9B.
SALES
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MRA Group purchased the 40K SF medical office building at 1001 South Broad St. in the Montgomery County suburb of Lansdale. The sale was recorded with the county on June 15 with a price of $10 from seller Professional Realty LTD, which had owned the building since 1998.
MRA Group renamed the former LMG Medical Building to the Lansdale Medical Building upon acquisition, and will now undertake a series of capital improvements to revamp both the building's exterior and its energy-efficiency. The building was 50% occupied at the time of the purchase.
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MRP Industrial acquired a development site at 480 Willow Springs Lane in York for $13.5M from book manufacturer Maple Press. MRP acquired the site with immediate plans to build a two-building, 674K SF industrial development on speculation. Cushman & Wakefield Executive Vice Chair Gerry Blinebury and Director Collin Potter represented Maple Press in the transaction.
Dubbed the Expressway Commerce Park for its proximity to Interstate 83, the development is slated to contain the 403K SF Building A and 271K SF Building B, with construction expected to commence this month and complete next summer.
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