Jenkintown retail property, site of LA Fitness, vacant office building and restaurant, receives $20M loan from Prestige Group

The Pennsylvania-based financial firm Prestige Group has arranged a $20 million loan for the refinancing of an 81,500-square-foot office and retail property in Jenkintown.

The property comprises a 42,000 sf retail building currently occupied by LA Fitness, a 35,500 sf vacant office building and a 4,000 sf restaurant.

Prestige’s press release did not specify the restaurant’s identity, though it’s worth mentioning that the recently defunct Bernie’s sits adjacent to the LA Fitness at 371 Highland Avenue.

Richard Natow of Prestige Group arranged the loan through an undisclosed regional bank. The undisclosed borrower will use a portion of the proceeds to fund capital improvements.

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