Monday, June 29, 2015

Berkadia’s $80M Financing Seals Historic Sale

by Steve Lubetkin,

Berkadia provided an $80.4 million loan to Castle Rock Equity Group for its acquisition of ICON 1616, a historic, luxury, multifamily property located at 1616 Walnut Street in Philadelphia.

“After an aggressive bidding process, Berkadia leveraged its long-standing relationship with Fannie Mae to provide a highly competitive loan structure and attractive terms,” says Kletsman. “This strong relationship, coupled with our experience closing deals in the Philadelphia area, allowed us to navigate the loan process smoothly with optimal execution.”

The borrower, Castle Rock Equity Group, will use the loan towards the $112 million acquisition of the property. Loan terms include a 4.06 percent interest rate and a 30-year amortization schedule. The financing also incorporated the property’s Payment in Lieu of Taxes (PILOT) program and Historic Tax Credits.

Built in 1929, ICON 1616’s architecture features many Art Deco elements of the Great Depression era. The 25-story property consists of 206 units and offers residents studio, one-, two- and three-bedroom floor plan options. Community amenities include a sky deck with 360-degree views, a grilling station, herb garden and outdoor living area; a wellness floor featuring a yoga studio; a club level with a kitchen, billiard tables, flat-screen TVs and large screen media room; and a business center with computers, printers and conference rooms.

ICON 1616’s ground floor retail tenants include Santander Bank, high-end fashion retailer Theory, and CKO Kickboxing, among others.

Located fewer than two blocks from Philadelphia’s popular Rittenhouse Square, the surrounding area offers residents a variety of fine dining, high-end retail and cultural options.

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