Sunday, April 17, 2016

HFF secures $45 million financing for luxury apartment tower in Center City Philadelphia

Avenir apartment and retail tower, Center City Philadelphia, PA

Jim Cadranell
PHILADELPHIA, PA –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has secured $45 million in financing for Avenir, a 180-unit, luxury mixed-use apartment and retail tower in Center City Philadelphia, Pennsylvania.

Working on behalf of the borrower, a joint venture between the Scully Company, Alterra Property Group, LLC and Spring Creek Investment Management, HFF placed the seven-year, fixed-rate loan with Webster Bank (Webster), a leading regional bank based in Waterbury, Connecticut, with local offices located in Conshohocken, Pennsylvania.  Loan proceeds will replace the existing construction loan.

Located at 1501-1515 Chestnut Street, Avenir is one block from the newly-completed Dilworth Plaza at City Hall in the heart of Philadelphia’s central business district.  

The 16-story building was originally constructed in 1902 and was converted from office space to 101,628 rentable square feet of residential space and 8,887 square feet of 100-percent leased ground-floor retail space in 2015. 

Fred Felter
With a Walk Score® of 100, the property is close to numerous public transportation, retail, entertainment and dining options.

  Property amenities include a fitness center utilizing the ScullyFit wellness program; screening room; conference and business suites; resident lounge; indoor bike storage and cycle stations; and 24-hour concierge service. 

The HFF deal team was led by managing director Ryan Ade and senior managing director Jim Cadranell.

“Webster is pleased to be a part of this project as it will contribute to Philadelphia’s positive economic growth and development by creating jobs and attracting businesses,” said Fred Felter, senior vice president, senior relationship manager, Commercial Real Estate at Webster Bank.

For a complete copy of the company’s news release, please contact:

Olivia Hennessey
Public Relations Coordinator
HFF | 9 Greenway Plaza Suite 700 | Houston, Texas 77046
tel 713.852.3403 | fax 713.527.8725 |

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