Equity infusion of $14.5M for apartment complex, Skye 750, in King of Prussia

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The Village is being constructed on the west side of the ever expanding King of Prussia Town Center. Due for completion in early 2020, Skye 750 will consist of a five-story building atop a concrete podium comprising one- and two-bedroom residential units averaging approximately 1,000 square feet. (StanHuskey/MONTCO.Today)

A rather large cash infusion will seal the deal for another upscale apartment complex in King of Prussia, adding to the residential boom in the area, which will support the commercial development at the King of Prussia Town Center.

Holliday Fenoglio Fowler, L.P. (HFF) announces $14.5 million in preferred equity for the development of Skye 750, a 248-unit, mid-rise apartment community in Upper Merion, according to a press release from the company.

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The HFF team worked on behalf of the developer, LeCesse Development Corp., to arrange preferred equity from Parse Capital.

Due for completion in early 2020, Skye 750 will consist of a five-story building atop a concrete podium comprising one- and two-bedroom residential units averaging approximately 1,000 square feet.  Skye 750 will feature a resort-style clubhouse with a state-of-the-art fitness center, cyber café, juice bar, co-working, private movie theater, game room, sauna, fire pit, package delivery system and miscellaneous resident lounges throughout, as well as an outdoor courtyard with an infinity swimming pool, a fire pit and a summer kitchen.

Other amenities include a pet spa, bike repair and resident storage rooms.  The 5.2-acre site is situated just off PA Route 422 in the center of the King of Prussia Business Park, which encompasses 3.2 million square feet of office space.

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