Prestige Group Arranges $20 Million Refinancing of Mixed-Use Property in Suburban Philadelphia

Jenkintown, Pa. — Prestige Group has arranged a $20 million loan for the refinancing of an 81,500-square-foot retail and office property in Jenkintown, a northern suburb of Philadelphia. The property comprises a 42,000-square-foot retail building occupied by LA Fitness, a 35,500-square-foot vacant office building and a 4,000-square-foot restaurant. Richard Natow of Prestige Group secured the loan through an undisclosed regional bank. The undisclosed borrower will use a portion of the proceeds to fund capital improvements.