CBRE’s Debt & Structured Finance team has arranged $28.5 million in construction financing for the development of Mi-Place at Media in Media, Pennsylvania. Matthew Klauer and Cassandra Russell of CBRE arranged the financing on behalf of the sponsor, Fernmoor.
This is the third transaction in which Klauer and Russell have represented Fernmoor. The construction loan, provided by SteepRock Capital (“SteepRock”), will be used to capitalize Fernmoor’s multifamily development, comprised of 132 units across three, four-story buildings and 245 parking spaces.
“Mi-Place at Media will be an accretive addition to this burgeoning market with immediate access to Philadelphia,” said Klauer of CBRE. “We are honored to have expanded our relationship with Fermoor, having now collaborated with the team on both bridge and construction financings. Steeprock was exceptionally creative during the closing process,” he added.
Fernmoor’s President, Jeffrey Fernbach shared his enthusiasm, “Despite the volatility in the capital markets today, CBRE and Steeprock expeditiously closed this transaction, and I thank them for their hard work.”
With more than 30 years of experience, Fernmoor is a family-owned firm with a team of seasoned professionals specializing in rental and for-sale homes. Fernmoor provides innovative living choices across New Jersey, Pennsylvania and Delaware, from single-family homes, townhomes and condominiums to active-adult communities and luxury rentals. The firm has received awards from the Shore Builders’ League of New Jersey, the New Jersey Builders Association, the Home Builders Association of Delaware and the National Association of Home Builders.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2024 revenue). The company has more than 140,000 employees (including Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services.
