Presidential City gets new loan
Post Brothers has refinanced Presidential City, a large apartment complex on City Avenue in Philadelphia that overlooks the Schuylkill Expressway, with a $183 million loan.
The four-building complex has 1,018 apartments and is undergoing a $100 million top-to-bottom gut renovation.
Post Brothers has been redeveloping each of Presidential City’s 12-story buildings, re-skinning the façades, reconfiguring portions for retail and amenity spaces, and renovating each unit. An expansive pool area called the Sora Pool Club was also redeveloped.
The complex was dated when Post Brothers bought it for roughly $51 million in December 2012. The apartments were originally built beginning in the early 1950s.
CBRE arranged the three-year, interest-only loan on the property. It has two, one-year extension options. Financing was provided by Starwood Capital.
Phase I of the project, which includes redeveloping Washington Tower’s 180 units and Madison Tower’s 265 units, has been completed. Phase II of the work has started and includes renovating the Jefferson Tower’s 331 units and Adams Tower’s 242 units. Post Brothers expects the complex to be fully leased by 2017.
Full article here.
Natalie Kostelni covers real estate and economic development.