July 20, 2016
Post Brothers has obtained a $183 million loan to refinance Presidential City, a 1,018-unit, Class A apartment property in Philadelphia, PA. Shawn Rosenthal with CBRE Capital Markets’ Debt & Structured Finance team arranged the three-year, interest-only loan through Starwood Capital.
Located at 3900 City Ave., Presidential City is comprised of four high-rise towers. In 2014, Post Brothers launched its plan to perform full gut renovations to each of the four buildings, transforming them into luxurious, high-efficiency residences.
Phase I of the project, which includes redeveloping Washington Tower (180 units) and Madison Tower (265 units) in addition to creating the Sora Pool Club, has been completed. Phase II, which includes redeveloping Jefferson Tower (331 units) and Adams Tower (242 units), is underway. The property is expected to be fully leased in 2017.
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