August 15, 2019
Cushman & Wakefield advised Ivy Realty and DW Partners in obtaining a $27.5-million refinance on 1600 Callowhill St., a newly-built rental apartment property in Philadelphia. Approximately 40% of the building’s units are leased to Sonder, a short-term rental start-up that’s in nearly 30 cities.
A Cushman & Wakefield Equity, Debt & Structured Finance team of John Alascio, Sri Vankayala and Noble Carpenter III represented Ivy Realty. The lender in the transaction was 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 submarket were eager to lend on the asset and sponsorship,” said Alascio. “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.”
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