In a partnership between affiliates of MCB Real Estate and the Hampshire Cos., JLL Capital Markets on Monday announced it arranged a $42.95 million loan for the redevelopment of Drexeline Town Center, a to-be-built, 348,185-square-foot, mixed-use, ShopRite-anchored project with multihousing, retail and self-storage space in the Philadelphia-area community of Drexel Hill, Pennsylvania.
JLL worked on behalf of the partnership to place the loan with Investors Bank, a division of Citizens Bank. Loan proceeds will enable the borrower to complete the project.
The JLL Capital Markets team representing the borrower was led by Senior Managing Directors Jon Mikula and Michael Klein and Vice President Michael Lachs.
Drexeline Town Center will feature a 72,000-square-foot, state-of-the-art “destination” ShopRite supermarket; a Wawa convenience store with fuel service; a PNC Bank branch; and 20,440 square feet of pad and inline retail space. Future phases will include 172-unit luxury multihousing apartments; and a 120,000-square-foot self-storage facility. The project has direct access to mass transit with the integration of the Septa rail station adjacent to the property.
Positioned on 18.5 acres at 5100 State Rd., the site is currently improved as a five-building retail and office property constructed between the 1950s and early 2000s. Located nine miles west of Philadelphia’s central business district, the area is surrounded by a dense residential population of 155,750 residents earning an average annual household income of $104,595 within a three-mile radius, providing a strong customer base for quality, essential retail.
“After six long years, the sponsorship was able to successfully secure approvals for the redevelopment of the center,” Klein said. “Investors Bank quickly recognized the benefits that this transformed center would have on the community and was able to provide a unique loan structure that will enable the borrower to execute it’s redevelopment plan.”