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| The Left Bank Apartments, 3131 Walnut Street, Philadelphia, PA |
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| Jim Cadranell |
FLORHAM PARK, NJ ––
Holliday Fenoglio Fowler, L.P. (HFF) announced it has arranged $88 million in
financing for The Left Bank, a
282-unit, luxury loft apartment complex in Philadelphia, Pennsylvania.
Working on behalf of the
borrower, Dranoff Properties, HFF placed the five-year, fixed-rate loan with a
regional community bank.
The Left Bank is located
at 3131 Walnut Street in Philadelphia’s University City neighborhood near the
University of Pennsylvania, 30th Street Amtrak station and the Schuylkill
River.
In 2001, the University of Pennsylvania
selected Dranoff – which develops, owns and manages residential properties
throughout Pennsylvania and New Jersey – to convert the building, which was
originally built in 1929 to serve as the Pennsylvania Railroad Depot.
The property has a mix of
studio, one-, two- and three-bedroom units averaging 971 square feet each that
and featuring 12-foot ceilings, spacious layouts, original architectural
elements and oversized windows with views of the Philadelphia skyline.
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| Ryan Ade |
In addition to the
residential component, the property also includes 98,707 square feet of office
space and 22,605 square feet of retail, which are both 100 percent
occupied.
Community amenities include an
Art Deco lobby, sky deck, landscaped courtyard, fitness center, business
center, community conference rooms, clubroom with catering kitchen, bike
storage and 24-hour concierge service.
The HFF debt placement
team representing the borrower was led by senior managing director Jim Cadranell and managing director Ryan Ade.
“It was a pleasure to work
with the Dranoff team to refinance this outstanding asset,” stated Cadranell.
For a
complete copy of the company’s news release, please contact:
Kristen M. Murphy
Associate Director
HFF | One Post Office
Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 |
Direct: 617-848-1572 | Cell: 617-543-4873 | www.hfflp.com
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