Thursday, April 6, 2017

Middle Market CRE Digest - Northeast

by Steve Lubetkin,

Natixis provided a $102.795 million floating-rate, first-mortgage financing to Post Brothers for the redevelopment of a vacant, 21-story historic office building located at 260 South Broad Street in Philadelphia into a 268-unit luxury multi-family rental property, to be branded as The Atlantic. The property also includes an adjacent three-story parking garage building with 205 parking spaces as part of the proposed amenities. The property was designed by Rafael Viñoly, a world-renowned architect. The Atlantic is positioned to be Center City Philadelphia’s premier residential building. It will have an unrivaled amenity package with a business lounge with conference rooms for resident usage, a clubhouse, a fitness center including a yoga studio, a rooftop swimming pool, and a roof deck with dog park and grilling areas.

Two mixed-use properties in Center City, Philadelphia have sold: 120 N. 3rd Street in the Old City neighborhood and 1701 South Street in the Graduate Hospital neighborhood. 120 N. 3rd Street contains four high-end renovated loft-style apartment units and one unit in “shell” condition, along with a ground floor commercial unit.  It is well located among the boutiques and cafes of 3rd Street and is just a few blocks from historical tourist attractions like the Liberty Bell and the Betsy Ross House. 1701 South Street is a newly constructed building with 9 apartment units and a ground floor commercial unit leased to 7-Eleven, located on the southern edge of the Rittenhouse Square neighborhood.  The seller selected a buyer in less than 30 days after going to market.

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