Monday, May 3, 2021

1500 John F. Kennedy Blvd. Philadelphia Secures $68M Refi

 By Kelsi Maree Borland

A Pennsylvania limited partnership known as Crown Two Penn Center Associates has closed the $67.9 million refinance of Two Penn Center Plaza, a 502,000-square-foot 20-story class-A office tower located at 1500 John F. Kennedy Blvd. in Center City. 

The property had an existing 10-year loan, according to industry sources, with a $44 million remaining balance. The limited partnership pulled cash out of the transaction. The remaining terms of the capital transaction were not disclosed.

Herzliya, Israel-based real estate investor Optibase announced the refinancing transaction. The firm owns a 22.16% interest in the property, and collected $5 million from the transaction as part of the total proceeds. The limited partnership will distribute $2 million of the total $5 million in the coming weeks. Optibase focused on fixed-income real estate transactions, and currently holds interests in properties in Switzerland, Texas, Philadelphia, Miami and Chicago.

The refi is a standout traditional office deal in a market that has become a stomping ground for medical office activity. Last year, BG Capital sold a medical office campus in Philadelphia’s Port Richmond neighborhood to New Jersey-based the Hampshire Cos. and its international investment partner Arbah Capital for $53.1 million. The three-building property includes a 200,000-square-foot, multi-tenant office building, located at 2301 E. Allegheny Ave., a renovated 30,000-square-foot, single-tenant medical office building, and a new 16,000-square-foot, ground-up recreational facility for a medical office tenant.

Full story:

No comments:

Post a Comment

Note: Only a member of this blog may post a comment.