By Joshua Burd
The developer of a new 102-unit multifamily property outside Philadelphia has closed on $20 million in permanent financing for the asset, in a deal arranged by G.S. Wilcox & Co.
According to a news release, a correspondent life insurance company provided the loan in connection with the undisclosed project in Hatboro, Pennsylvania. G.S. Wilcox Founder and President Gretchen Wilcox and Partner Bridget Wilcox sourced the financing, which had a forward commitment at what the firm described as a highly attractive rate.
The team added that the community consists of studio, one-bedroom and two-bedroom units and provides immediate access to SEPTA’s Hatboro station. The property also has modern, upscale amenities such as a fitness center, a bark park, a private tasting room and 4,732 square feet of ground-floor retail space.
“We are pleased to see the completion of this transaction on behalf of our long-term repeat client,” Bridget Wilcox said in a prepared statement. “We were able to lock in a very attractive long-term rate while the project was still under construction through a six-month forward commitment, with funding occurring upon receipt of the TCO.”
