December 10, 2019
On behalf of a joint venture between Nightingale Properties and Wafra Capital Partners, NKF and Walker & Dunlop arranged the refinancing of 1500 Market St. in Philadelphia. The $388-million loan from JPMorgan reportedly includes a large component for leasing costs and further property improvements.
Dustin Stolly and Jordan Roeschlaub, co-heads of debt & structured finance, led the NKF team along with Nick Scribani, Chris Kramer, Dylan Kane and John Gallagher. The Walker & Dunlop team was led by managing directors David Rosenberg and Mark Silbersher.
1500 Market is a 1,759,410-square-foot, Class A office and retail asset in the Market Street West submarket. The two-tower complex was extensively renovated by current ownership.
“The Philadelphia office market has seen immense momentum and rent growth over the past few years, and the well-capitalized Nightingale and Wafra partnership is in ideal position to capitalize on the favorable market dynamics,” said Rosenberg.
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