HFF closes sale and secures financing for transit-oriented apartment community near Philadelphia

01 July 2019

PHILADELPHIA, PA – July 1, 2019 – Holliday Fenoglio Fowler, L.P. (HFF) announces it has closed the sale of and secured financing for Riverwalk at Millennium, a 375-unit, transit-oriented multi-housing community in the Philadelphia-area suburb of Conshohocken, Pennsylvania.

HFF marketed the property exclusively on behalf of the seller, a joint venture between Long Wharf Capital and Scully Company.  Relative Properties purchased the asset.  In addition, HFF worked on behalf of the new owner to place the fixed-rate acquisition loan through Freddie Mac.  The loan will be serviced by HFF, a Freddie Mac Multifamily Approved Lender for Conventional Loans.  In 2015, HFF brokered the sale of the property to Long Wharf and Scully Company and arranged both the joint venture partnership between the two and acquisition financing.

Riverwalk at Millennium is situated on 7.89 acres at 309 Washington Street in Conshohocken, a suburb northwest of Philadelphia that borders the Schuylkill River.  The SEPTA Regional Rail line is a short walk away, and Center City Philadelphia is approximately 20 minutes from the transit-oriented property.  The Schuylkill River Trail, which is used for running and biking along the river between Valley Forge and Center City, is directly behind the property.  The four-story buildings sit above single-story parking garages and house a diverse blend of one- and two-bedroom units with contemporary floor plans averaging 923 square feet.  Units also feature ceilings that are at least nine feet high, plank flooring, full-sized washer/dryers and six-foot windows.  Community amenities include controlled access, a modern clubhouse with fireplace, a resort-style pool with sundeck and grill area and a contemporary fitness center with an on-demand fitness studio.

The HFF investment advisory team representing the seller was led by senior managing director Mark Thomson, senior director Carl Fiebig and director Francis Coyne along with senior managing director Jose Cruz.

HFF’s debt placement team representing the new owner was led by managing director Ryan Ade and senior director Jamie Leachman.