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| Rendering of planned 3201 Race Street Apartments, University City Neighborhood, Philadelphia, PA |
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| Ryan Ade |
PHILADELPHIA, PA –
Holliday Fenoglio Fowler, L.P. (HFF) announced it has arranged $53.426 million
in preferred equity and construction financing for the development of 3201 Race Street, a 16-story, luxury
high-rise apartment property in Philadelphia’s University City neighborhood.
HFF worked on behalf of
the developer, Radnor Property Group, to arrange $18.076 million in preferred
equity from a commingled fund managed by American Realty Advisors.
In addition, HFF secured a $35.35 million
construction loan for the newly-created partnership through the Santander
Commercial Real Estate office in Philadelphia.
Due for completion in
2017, 3201 Race Street will have 164 one- and two-bedroom residential units
averaging 680 square feet each and 13,837 square feet of ground floor
commercial space, which will be occupied by childcare operator Nobel Learning
Communities.
Situated on a 0.68-acre
site on the Drexel University campus, the property provides nearby access to
Interstate 76, the Philadelphia Museum of Art and the 30th Street Station,
which is the largest transportation hub in the region and the third busiest
Amtrak station in the United States.
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| Mark Thomson |
In addition, the project
is situated two blocks from the Innovation Neighborhood, which when complete,
will add 6.5 million square feet of mixed-use space to the submarket.
The HFF deal team was led
by managing director Ryan Ade and
senior managing director Mark Thomson.
”HFF was very pleased to
be involved in raising both equity and debt capital on behalf of Radnor
Property Group,” said Ade. “We are
excited to see this project come to fruition as University City continues to
attract institutional capital from around the United States.”
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 | www.hfflp.com
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