Northmarq’s Philadelphia Debt + Equity team, led by John Banas and Kris Wood, successfully completed a combined $39.35 million in refinancing for two central Pennsylvania multifamily housing communities.
The properties include Pioneer Woods at 9 Lamppost Ln in Lancaster and the Rosedale Apartments located at 199 Cherry Dr. in Hershey.
Northmarq arranged the permanent-fixed rate financing on both opportunities on behalf of the borrower, Boyd Wilson, through its in-house Fannie Mae DUS platform. Each transaction was structured with 10-year terms. “Boyd Wilson has been a great, long-term client of ours. Rosedale and Pioneer Woods are perfect examples of the excellent job their team does on owning and operating quality assets,” said Banas.
Built in 1974 and featuring 160 units, Pioneer Woods is situated on 30 sprawling acres surrounded by farmland in Lancaster County. Rosedale Apartments, built in 1972 and featuring 160 units, offers a community tucked away in a quiet area yet minutes from downtown Hershey.
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