The initial phase of Mi-Place @ Downingtown in Downingtown, Pennsylvania, includes 205 apartments and 69 townhomes. — Rendering courtesy: CBRE
By Joshua Burd
Fernmore Homes has landed nearly $48 million in bridge financing for a new 274-unit luxury rental property in Pennsylvania’s Chester County, brokers with CBRE announced Tuesday.
According to a news release, the project by the Jackson-based developer includes 205 apartments and 69 townhomes, part of a planned 400-unit multifamily property in Downingtown known as Mi-Place @ Downingtown. An entity managed by Argentic Investment Management LLC provided the loan, which the sponsor will use to refinance the initial phase.
Matthew Klauer and Cassandra Russell of CBRE’s multifamily debt and structured finance team sourced the $47.5 million deal on Fernmoor’s behalf.
“Mi-Place @ Downingtown delivers high-quality, thoughtfully designed multifamily units into a growing suburb with convenient connectivity to Philadelphia,” Russell said. “Matthew and I are thrilled to continue supporting Fernmoor’s growth and look forward to additional successful collaborations in the future.”
CBRE noted that the transaction is the second that Klauer and Russell have secured for Fernmoor Homes.
“We are excited to work again with CBRE and expand our relationship with Fernmoor,” Argentic’s Loren Berger said. “The company’s Mi-Place product brings the highest quality to each community it enters.”
Fernmoor President Jeffrey Fernbach added: “I thank both CBRE and Argentic for their efforts to close this deal quickly and efficiently.”
