CBRE has arranged an $85 million loan for Mi-Place at Downingtown, a newly developed 318-unit multifamily community located at 800 Horseshoe Pike in Downingtown, Pennsylvania.
Matthew Klauer and Cassandra Russell of CBRE Capital Markets’ Debt & Structured Finance team in Philadelphia arranged the financing on behalf of the borrower, Fernmoor. The financing was provided by Barings. “Mi-Place at Downingtown stands out within the Philadelphia suburbs due to its scale, differentiated product mix and exceptional location in one of the region’s strongest suburban growth corridors,” said Klauer.
Located 30 miles west of Philadelphia, Mi-Place at Downingtown offers direct access to U.S. Route 30, the Pennsylvania Turnpike and SEPTA Regional Rail service. The property consists of 200 apartment units and 118 townhomes and is the latest addition to Fernmoor’s portfolio of Mi-Place rental communities throughout the Mid-Atlantic region.
The property features one-, two-and three-bedroom floor plans and several unit and community amenities, including a resort-style pool, clubhouse, fitness center, pickleball courts, dog park, electric vehicle charging stations and smart-home technology.
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