P ennsylvania S potlight E astern
Real Estate Journal — Central Pennsylvania — October 16 - 29, 2015 — 5C
www.marejournal.com
M id A tlantic
Financing provided by Procida Advisors & 100 Mile Fund Washington Square Realty Capital arranges $35m loan P
15-story, class A, 126,000 s/f office building Alterra & Stockton acquire 1760 Market St. in Phila.
HILADELPHIA, PA— Washington Square Realty Capital an- nounced that the $35 million construction loan it arranged for the storied Divine Lorraine Hotel has closed. The financing provided to Eric Blumenfeld’s EBRM by Procida Advisors and the 100 Mile Fund will transform the North Broad St. landmark into a mixed use multifamily and commercial building and cement its place in the 21st Century Philadelphia skyline. “The North Broad collabora- tion North Broad that North Broad existed North Broad between North Broad borrower, lender, City, State and third party professionals for the better part of two years was remarkable and speaks vol- umes about how important this project is to Eric Blumenfeld, the City of Philadelphia and the Commonwealth” said Chris Datz , principal with Washing- ton Square Realty Capital who worked on the deal. “It’s not everyday that a real estate financing assignment makes you proud to be a Phila- delphian, this is one of those times, I am so happy for Eric
Divine Lorraine Hotel
and his team that they finally can make this vision a reality” Datz continued. With the $35 million Divine Lorraine loan, Washington Square Realty Capital has ar- ranged over $100 million of financings for Blumenfeld in the past two years, including a $28MM recapitalization of Marine Club Condominiums in late 2014. Washington Square Realty
Capital is a boutique capital advisory firm, headquartered in Philadelphia, that supports real estate owners, investors, and developers when navigating the dynamic, evolving, and rapidly changing capital markets. Our collaborative approach to effectively raising capital enables us to bring together borrowers and lenders and owners and investors to their mutual benefit. n
1760 Market St.
munity.” Addimando added, "Al- terra is excited to be part- nering with Stockton to purchase 1760 Market St. Our joint venture will draw on the strength of our two firms and together we will re-vitalize this well located asset and make it into Cen- ter City's premier boutique office destination." As part of the reposition- ing, the outside of the build- ing will be retrofitted with LED lighting, and the lobby and other common areas will be upgraded to give the building a more contempo- rary look, both inside and out. Additionally, ownership will work closely with CBD brokers to ensure that 1760 Market’s renovation and amenity mix provide maxi- mum appeal to prospective tenants. Stockton Real Estate Ad- visors will assume on-site leasing and management responsibilities on behalf of the joint venture. Heading the property management division is Guy Pierce, who brings 25 years of extensive experience having overseen 7.5 million s/f at Brandy- wine Real Estate Trust . n
PHILADELPHIA, PA — Leo Addimando , managing partner of Alterra Property Group, LLC, and James Pa- terno , founder of Stockton Real Estate Advisors, LLC , announced that in a joint ven- ture, the acquisition of 1760 Market St. in Center City, Philadelphia was completed. The 15-story, class A, 126,000 s/f office building is located at the corner of 18th and Market Sts. equidistant between Rit- tenhouse Square and the grow- ing Comcast urban campus. Current tenants include Allied Barton, GSA Federal Transit Administration, The Philadel- phia Trust Company, and a host of legal and technology- oriented users. “At Stockton, we believe strongly in the importance of local ownership and the level of responsiveness it allows,” said Paterno. “1760 Market Street is a phenomenal asset with a great roster of tenants whose employees enjoy the Live/Work/Play blend of Rit- tenhouse Square and Market West. We look forward to up- grading common areas, estab- lishing solid relationships with our tenants, and repositioning the building as a premier home to Philadelphia’s business com-
Durkin of Roddy Inc. sells 524 Imperial Court for $6.6 million
524 Imperial Ct.
Bensalem, PA — Rod- dy Inc. represented Immo- bili LLC in purchasing the 121,232 s/f building located at 524 Imperial Ct., Liberty Bell Industrial Park, Bensalem. The building is heated and sprinklered, offers 28’0” slop- ing to 26’6” clear heights, twenty-two (22) tailgate doors, two (2) drive-in doors, 45’ x 45’ column spacing and 2,732 s/f of office space.
Sean Durkin of Roddy Inc., who handled the transaction of behalf of the buyer, advised that the facility was sold to Immobili LLC for $6.6 million. Roddy advised that AGC Flat Glass North America have extended their lease at 472 California Rd., Quaker- town. AGC is a subsidiary of Asahi Glass Company. The company occupies a 105,125 s/f section of the
125,091 s/f building situated on 13.68 acres which is fully heated and sprinklered, offers abundant tailgate loading, ceiling heights of 23’2” sloping to 15’4” clear to the underside of steel purlins, 2,842 s/f of air conditioned offices and park- ing for two hundred thirty-five automobiles. Located northeast of the Quakertown Interchange of the PA Tpke. n
Made with FlippingBook HTML5