Tuesday, December 17, 2013

Llenrock Arranges $50M Permanent Financing at 1845 Walnut

Llenrock Group has arranged $50 million in financing secured by 1845 Walnut St. in Philadelphia, PA. The property is jointly owned by Frankel Enterprises, Allan Domb Real Estate, and Resource America, Inc. 

Llenrock, an independent real estate finance and advisory firm, negotiated a fixed-rate, 15-year financing at less than 5% interest, due in-part to the owners intent to hold the asset for an extended period. The loan was sourced through a leading national pension fund, and carries an interest-only period. 

"We were pleased to work with such a high-quality asset in one of the city’s most prestigious neighborhoods," notes Andrew Benioff, founding partner of Llenrock Group. "The ownership team‘s savvy and organization helped the whole financing process go smoothly." 

The 25-story, 347,900-square-foot, 4-Star office tower was originally built in 1968 on eight-tenths of an acre in the Market Street West submarket. It overlooks the famous Rittenhouse Square, and is over 90% occupied.


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