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