Friday, March 18, 2016

HFF arranges financing and joint venture equity for suburban Philadelphia office park

Jim Cadranell
FLORHAM PARK, NJ  – Holliday Fenoglio Fowler, L.P. (HFF) announced it has arranged acquisition financing and joint venture equity for Evolve IP Corporate Center, a 12-building office park totaling 376,303 square feet in Wayne, Pennsylvania.

HFF arranged the joint venture partnership between PDC-Old Eagle LLC and Long Wharf Real Estate Partners LLC and secured the $29.6 million, five-year, fixed-rate acquisition loan through John Hancock's Real Estate Finance Group. 

Evolve IP Corporate Center comprises 40.94 acres at 983-999 Old Eagle School Road in the Philadelphia suburb of Wayne, Pennsylvania.  

The office park is one half of a mile from U.S. Routes 202 and 422, one mile from Interstate 76 (The Schuylkill Expressway) and one and a half miles from Interstate 276 (The Pennsylvania Turnpike) approximately 20 miles from Philadelphia’s central business district. 

The 12 single-story buildings are 80.2 percent occupied by 95 tenants, including Evolve IP LLC, McBee Associates, Administrative Concepts Inc., YSC Academy, Prosoft Software and North American Specialty Products LLC.  The park was originally built between 1974 and 1980 and was most recently renovated between 2007 and 2010.

The HFF joint venture equity and debt placement team representing the borrower was led by senior managing director Jim Cadranell. 

Long Wharf Real Estate Partners’ team was led by director John Schonborn.  PDC-Old Eagle’s team was led by Pat McNulty.

For a complete copy of the company’s news release, please contact:

Kristen M. Murphy
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 |

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