CBRE Arranges $85 Million Financing for Mi-Place at Downingtown in Chester County, Pennsylvania

CBRE has arranged an $85 million loan for Mi-Place at Downingtown, a newly developed 318-unit multifamily community located at 800 Horseshoe Pike in Downingtown, Pennsylvania.

Matthew Klauer and Cassandra Russell of CBRE Capital Markets' Debt & Structured Finance team in Philadelphia arranged the financing on behalf of the borrower, Fernmoor. The financing was provided by Barings.

“Barings recognized the quality of both the sponsorship and the asset,” said Klauer. “Mi-Place at Downingtown stands out within the Philadelphia suburbs due to its scale, differentiated product mix and exceptional location in one of the region’s strongest suburban growth corridors.”

Located 30 miles west of Philadelphia, Mi-Place at Downingtown offers direct access to U.S. Route 30, the Pennsylvania Turnpike and SEPTA Regional Rail service. The property consists of 200 apartment units and 118 townhomes and is the latest addition to Fernmoor's portfolio of Mi-Place rental communities throughout the Mid-Atlantic region.

“Securing this financing is an important milestone for the continued success of Mi-Place at Downingtown,” said Jeffrey Fernbach, President of Fernmoor. “The property has delivered strong leasing momentum and reinforces our belief that there is significant demand for high-quality rental housing that combines modern amenities, larger living spaces and convenient suburban access to major employment centers.”

The property features one-, two- and three-bedroom floorplans and several unit and community amenities, including a resort-style pool, clubhouse, fitness center, pickleball courts, dog park, electric vehicle charging stations and smart-home technology.

“Mi-Place at Downingtown is a compelling opportunity backed by an experienced sponsor and a high-quality asset in a desirable suburban market,” said Jonathan Neff, Director with Barings. “We are pleased to provide financing for a project that is well-positioned to benefit from continued rental housing demand in Chester County and the greater Philadelphia region.”