Tuesday, July 16, 2019

Counter Capital Buys Mixed-Use Property for $19.1 Million

Counter Capital Management, a joint venture between Christian Dalzell's Dalzell Capital Partners and Mukang Cho's Morning Calm Management, purchased a mixed-use property in Philadelphia's Rittenhouse Square neighborhood from local full service investment firm Pearl Properties for $19.1 million.

The Class B property at 1501 Locust St. includes 29 multifamily units and ground floor retail. Built in 1947, the 10-story property was converted into a luxury mulitfamily property in 2010.

Barclays Capital provided a $14.1 million loan in the off-market transaction, and the deal marks Counter Capital's first acquisition since its launch in March.

"[1501 Locust Street] is so different from anything else we own; it’s a different caliber. So, this was a very exciting closing," Dalzell said in a statement. "We’re now starting to envision the expansion of what we’re doing here in Philly into multiple markets. We have the capacity and the expertise level."

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