Mi-Place at Downingtown at 800 Horseshoe Pike in Downingtown, Pennsylvania — Courtesy: CBRE
By Joshua Burd
The developer of a new 318-unit rental community in southeast Pennsylvania has refinanced the property for $85 million, brokers with CBRE announced recently.
According to a news release, Barings provided the loan in connection with the complex at 800 Horseshoe Pike in Downingtown. That follows Fernmoor’s completion of the property, a collection of 200 apartments and 118 townhomes some 30 miles west of Philadelphia, where renters have quick access to Route 30, the Pennsylvania Turnpike and SEPTA Regional Rail service.
CBRE’s Matthew Klauer and Cassandra Russell, based in Philadelphia, arranged the financing on the borrower’s behalf.
“Barings recognized the quality of both the sponsorship and the asset,” Klauer said. “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.”
CBRE added that the property has one-, two- and three-bedroom floorplans and several unit and community amenities, including a resort-style pool, a clubhouse, a fitness center, pickleball courts, a dog park, electric vehicle charging stations and smart-home technology.
“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.”
Jonathan Neff, a director with Barings, added: “Mi-Place at Downingtown is a compelling opportunity backed by an experienced sponsor and a high-quality asset in a desirable suburban market. 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.”
