The Silk Factory Lofts in Lansdale, located at Penn and Line streets, was acquired by real estate company Morgan Properties in a sheriff sale, according to Crissa Shoemaker DeBree of The Intelligencer.
The property at 200 S. Line Street, and its accompanying neighboring site at 152 Prospect Avenue, went into mortgage foreclosure in July 2010, according to Montgomery County Prothonotary Records. The lender was GE Business Financial Services, Inc.
The debt amount for the property was $28,025,457, according to county records. It was sold for costs on Oct. 31, 2012.
According to Joseph DiStefano of The Philadelphia Inquirer, the property was turned over to Morgan Properties after no one paid the $19 million asking price by the lender. Morgan Properties, owned by Mitchell Morgan, was managing the property with CBRE Real Estate, according to the article.
The Silk Factory Lofts is a 115-apartment complex that was converted for about $14 million in 2008 from the former Santerian’s discount department store. The building opened in 1922 as Interstate Hosiery Mill, according to Lansdale Historical Society.
The building has been on the National Historic Register since 2004.
The property was developed and formerly owned by Marathon Design & Construction LLC, of Narberth, doing business as Lansdale Holding Group Associates, LP, according to an archived article on The Reporter.
According to county records, Lansdale Holding Group purchased the 3-acre property from M&M Realty Partners for $1.5 million in 2004.
According to DeBree, Morgan Properties is pursuing investments in multi-family properties in foreclosure in the Tri-State area.
According to Morgan Properties’ website, Silk Factory Lofts are available in one- and two-bedroom loft-style apartments, and two- and three-bedroom bi-level lofts. There are 79 one-bedroom units and 36 two- and three-bedroom units, according to The Reporter.
Locally, Morgan Properties owns Forge Gate Apartments on Snyder Road in Towamencin; Main Street Apartments on Main Street and Oak Boulevard in Towamencin; Brookside Manor Apartments and Townhomes on Broad Street and Cowpath Road in Hatfield Township; Montgomery Woods in Harleysville; and Timberlake Apartments in East Norriton.
Morgan Properties owns 114 housing complexes in Delaware, Indiana, Maryland, Nebraska, New Jersey, New York, Pennsylvania, Ohio, South Carolina and Virginia.