Post Brothers Commercial Real Estate has secured an almost $102.8 million first mortgage to complete its redevelopment of the historic, and vacant, Atlantic Building office property at 260 S. Broad St. in Philadelphia, PA.
Russell Schildkraut and Christine Zivkovic of The Ackman-Ziff Real Estate Group arranged the financing on behalf of the borrower, placing the floating-rate loan with Natixis Real Estate Finance Americas.
The 21-story office building was originally built in 1923 on almost half an acre in the Market Street West submarket of Philadelphia County.
The property is being redeveloped into a 268-unit multifamily rental property with an anticipated completion date of later this year. The new property will continue carrying the name The Atlantic, and will boast an unparalleled amenity package including a business lounge, clubhouse, fitness center with yoga studio, rooftop swimming pool and deck with dog park and grilling areas. It is conveniently located along the Avenue of the Arts section of South Broad Street, within walking distance of cultural, dining, and retail destinations as well as several entertainment venues including Kimmel Center for the Performing Arts, Merriam Theater, Academy of Music and the Wilma Theater.
"The Atlantic will be another premier residential building that will be similar to previously delivered first class Post Brothers buildings and will take full advantage of the vibrant and growing Center City market," commented Greg Murphy, head of Natixis.