Loan Finances Sale of 120-Unit Complex in PA
Shippensburg, PA — Matthews™ Capital Markets (MCM), a fully integrated and dedicated financing division of Matthews Real Estate Investment Services™, recently secured a $9,500,000 loan for the acquisition of Maverick Apartments, a 120-unit student housing complex at 2 Morningstar Lane, Shippensburg, PA. Vice President Clark Finney managed the loan transaction.
The property was sold by a Philadelphia-based investor who rehabbed 100% of the units in 2021. The buyers have the opportunity to continue the value-add strategy by increasing rents and maximizing occupancy. MCM originally structured the deal in March 2023 through a PA-based credit union, but due to market volatility, the credit union was unable to close on the loan one week before the expected closing date. Finney stepped in and presented the deal to a local bank that was able to commit and close in 30 days.
“In the current market, the rug can be pulled out from underneath, and deals can become challenging to get across the finish line, but it’s important to stay patient, focused, and locate viable solutions for your client,” Finney said.
In addition to finding a secondary lender, Finney also helped the borrowers with structuring equity for the transaction.
“My goal is to be a resource for clients in whatever capacity needed at that time,” Finney said. “I knew what was needed for the deal to move forward and fortunately was able to make it happen.”
For more information or to contact a Matthews™ specialized agent, please visit www.matthews.com.
Matthews Real Estate Investment Services™, a commercial real estate investment services and technology firm, holds recognition as an industry leader in investment sales, leasing, and debt and structured finance. Based out of Nashville, TN, and strategically positioned with over 600 agents and support staff in 20+ offices across the United States, Matthews™ continues to focus on expansion into new markets. For more information, please visit www.matthews.com.
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