P ennsylvania

S hopping C enters

Real Estate Journal — Pennsylvania — Section C


M id A tlantic

Newly constructed 161-unit mixed-use apartment complex in Philadelphia, PA Real Property Capital arranges $35 million for the refinance of The Fairmount at Brewerytown P hiladelphia, PA — Real Property Capital Inc. (RPC)

RPC approached a lender with whom we have a longstanding relationship who was able to offer a full term interest-only structure enabling the higher proceed level based on interest- only debt service coverage. This lender worked through complex issues involving a complex and unusual historic tax credit structure as well as open en- vironmental issues and closed the loan without a hitch. No other lender in the market was able to come close to what we accomplished and in fact, many lenders that we spoke with expressed skepticism or even outright shock over what we told them was the deal to beat. McSpain’s expectations in terms of loan proceeds and clos- ing speed were exceeded to say the least. n

HI-LIGHTS September 15 - 28, 2017 The client, McSpain Prop- erties , was seeking to max out loan proceeds on a refinance and to close immediately at stabili- zation without any seasoning. recently closed a $35 million re- finance of a newly constructed 161-unit mixed-use apart- ment complex located in the Brewerytown neighborhood of Philadelphia. The ten-year loan features full term interest-only at a rate of 5.50%. The loan was underwritten at 75% loan-to- value and is nonrecourse.

The Fairmount at Brewerytown

Newmark Knight Frank arranges sale of the Callowhill Center in Philadelphia for $20.1m



Philadelphia, PA — Newmark Knight Frank (NKF) announced the sale of 421 North 7th St. in Philadel- phia, a two-building, 188,167 s/f property, situated on 2.47 acres. The long-time home of the iconic Electric Factory was sold for $20.1 million. NKF’s capital markets team comprising Mike Margolis, Dave Dolan , and Dave Ga- ronzik , along with area leasing experts Jeff Tertel and Jim Egan of NKF, represented the seller, Callowhill Center Associates, LP in the sales transaction. The buyer, Arts & Crafts Holdings, chose the location based on The Electric Factory’s 20-year tenancy and long-term lease, which lends to the creative atmosphere at the property. Additionally, the parking lot allows for multiple development sites under the new CMX-3 zoning overlay. A highly desirable asset with local and national interest, the seven-story loft building is viewed as a poster child for cre- ative space options with its 14- foot ceiling heights, high win- dow line, original wood plank floors and exposed brick. The sizeable property runs from 6th

ALT Realty, LLC inks sale of 20,008 s/f in Bethlehem



Matt Cabrey, Select Greater Philadelphia... 2C Elizabeth Schamberger, P.G., Moonstone Environmental ...4C CREW Lehigh Valley Chapter...16C

421 North 7th St.

St. to 7th St. along Willow St., and north on 7th St., to halfway to Spring Garden St. Currently the building and one-story an- nex are 38.2 percent occupied with small tenants and by the Electric Factory, a 50-year-old concert promotion company known for bringing Rock & Roll

to Philadelphia. The Callowhill neighborhood is an emerging development/ redevelopment area adjacent to the CBD, yet closer than the Northern Liberties neighbor- hood, also undergoing extensive development. Bringing addi- tional foot traffic to the area,

the Delaware River Port Au- thority recently announced that they have prioritized the re- opening of the PATCO Franklin Square station, a six-minute (.2 mile) walk from the building, and that they have allocated resources in the 2017 budget for the initial design process. n

SOUTHEASTERN PA INSURANCE/TITLE WOMEN IN BUSINESS contact: Steve Kelley skelley@marejournal.com


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