Newly Built Mixed-Use Philly Property Secures Nearly $28M Refi Deal

by John Jordan Globest.com
The ownership of the recently built 1600 Callowhill St. mixed-use building here has secured $27.5 million in refinancing funding for the project.

The building owners are Ivy Realty of Montvale, NJ and DW Partners of New York City in procuring the refinancing loan from BBVA.
“This transaction was unique in that Ivy Realty in partnership with DW Partners delivered differentiated rental product in luxury loft units which leased quickly in the market and lenders who understood the growth in the sub market were eager to lend on the asset and Sponsorship."

Approximately 40% of the building’s units are leased to Sonder, a short-term rental start-up in nearly 30 cities that recently surpassed a valuation of more than $1 billion.
“The lease with Sonder for a portion of the units in the building further showcased the high-quality build and led to a competitive marketing process,” Alascio adds. “BBVA was able to put forth a custom financing package tailored to meet the needs and business plan of the sponsorship.”

1600 Callowhill Road is a brand-new multifamily building located between the City Center and Philadelphia’s Fairmount neighborhood. The property features a design that pays homage to the site’s historical past. Tenant amenities include a rooftop terrace, gym, lounge, parking, concierge, exposed brick and in-unit washers and dryers.

www.omegare.com