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| Avenir apartment and retail tower, Center City Philadelphia, PA |
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| 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.
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| 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 | www.hfflp.com
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