Terms were not disclosed.
The property was converted from an office building and is a rehabilitation of a certified historic structure, in accordance with the Internal Revenue Code of 1986. "This law has been extremely useful in providing owners with an economic benefit in the modernization and re-use of many buildings in Center City," says Ed Riedlinger, senior vice president of GMACCM, in a statement.
The first two floors of the building contain retail and office space, and the upper floors have 68 multifamily rental units. All are two-bedroom units ranging in size from 1,150 sf to 1,940 sf.
Riedlinger and Rory Hertzog, GMACCM vice president, of GMAC's Philadelphia office, arranged the financing.
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