 |
| Chad Orcutt |
PHILADELPHIA, PA – JLL Capital Markets announced it has arranged $33 million in acquisition and renovation financing for the International House multi-housing property located at 3701 Chestnut St. in Philadelphia, Pennsylvania.
JLL
represented the borrower, CSC Coliving, LLC (CSC), to secure the loan with
PostRoad Group.
International House sits on 1.33 acres, is 14 stories tall
and consists of 10,016 square feet of occupied office space. CSC plans to
convert the existing office space into apartments, with plans to fully renovate
and update floors into 400 units.
The
second-floor office space will continue to be occupied through 2028 and the
ground floor will be available to other office/retail tenants.
The
property is also perfectly positioned for additional 150,000 ground up
development in the back portion without disrupting the existing building.
 |
| Blaine Fleming |
Located in University City, one of Philadelphia’s most
dynamic locations and home to the University of Pennsylvania, International
House is located near 5 million square feet of office space, providing over
85,000 jobs to the area.
For
those commuting or wanting easy access around the city, the property is
conveniently located near immense walking, biking and public transportation
options with over 280 restaurants and bars and 136 retailers nearby.
The JLL Capital Markets team representing the borrower was
led by Senior Managing Director Chad Orcutt and Analyst Blaine
Fleming.
“It was a pleasure to represent CSC in arranging acquisition
financing of this iconic building in the heart of Philadelphia’s University
City submarket,” said Orcutt.
“CSC
is an expert in the co-living and multi-housing market, and we are excited to
have them make their first investment in the Philadelphia market.”
For more news, videos and research resources on JLL, please visit
our newsroom.
CONTACT:
Natalie
Passarelli
Public Relations
Jones Lang LaSalle Americas, Inc.
200 E. Randolph St.
Chicago, IL 60601
M +1 224 477 7307
No comments:
Post a Comment