CBRE Arranges $47.5 Million Bridge Loan for Pennsylvania Multifamily Project

CBRE’s Multifamily Debt & Structured Finance team has arranged $47.5 million in bridge financing for the refinance of Mi-Place @ Downingtown in Downingtown, Pennsylvania. Matthew Klauer and Cassandra Russell of CBRE arranged the financing on behalf of the sponsor, Fernmoor.

This is the second transaction that Klauer and Russell have secured for Fernmoor Homes. The three-year bridge loan, provided by an entity managed by Argentic Investment Management LLC (“Argentic”), will be used to refinance Fernmoor’s latest multifamily development comprised of 205 units across six, three-story buildings and 69 townhomes. The property serves as Phase I of Mi-Place @ Downingtown, which, upon completion, will feature a 400-unit multifamily community, a clubhouse, pool, fitness center, pickleball court, basketball court, fire pits, BBQs and other amenities.

“Mi-Place @ Downingtown delivers high-quality, thoughtfully designed multifamily units into a growing suburb with convenient connectivity to Philadelphia,” said Russell of CBRE. “Matthew and I are thrilled to continue supporting Fernmoor’s growth and look forward to additional successful collaborations in the future,” she added.

Loren Berger of Argentic stated, “We are excited to work again with CBRE and expand our relationship with Fernmoor. The company’s Mi-Place product brings the highest quality to each community it enters.”

Fernmoor’s President, Jeffrey Fernbach shared his enthusiasm for this financing opportunity saying, “I thank both CBRE and Argentic for their efforts to close this deal quickly and efficiently.”

With more than 30 years of experience, Fernmoor is a family-owned firm with a team of seasoned professionals specializing in rental and for-sale homes. Fernmoor provides innovative living choices across New Jersey, Pennsylvania and Delaware, from single-family homes, townhomes and condominiums to active-adult communities and luxury rentals. The firm has received awards from the Shore Builders’ League of New Jersey, the New Jersey Builders Association, the Home Builders Association of Delaware and the National Association of Home Builders.