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Office-to-Multifamily Conversion Gets $11M Loan

PHILADELPHIA-Horsham, PA-based GMAC Commercial Mortgage Corp. has arranged fixed-rate permanent financing through the Freddie Mac Program Plus for locally-based 1700 Associates. The 12-story, 68-unit building is located on restaurant row in Center City and is a certified historic structure.

By Marita Thomas | Updated on August 19, 2002

PHILADELPHIA-Locally based 1700 Associates has obtained an $11-million fixed-ratepermanent loan for its 12-story multifamily rental building at 1700 Walnut St. in Center City. Horsham, PA-based GMAC Commercial Mortgage Corp. arranged the financing through the Freddie Mac Program Plus.

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.

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