Michael H. Trauberman, managing director of Falls Church, VA-based Spence Hill Associates, negotiated the transaction on Rubin's behalf along with PREIT Services LLC, the management affiliate of locally based Pennsylvania Real Estate Investment Trust. Without disclosing the rate, Jeffrey A. Linn of PREIT said it was "very attractive financing for this well-located, Center City retail property."
The building is 100% occupied by Dress Barn, a unit of the nationwide chain of moderate to better quality women's career apparel, and Pay/Half. The location is west of Broad St., between Broad and Rittenhouse Square, a Downtown corridor that is undergoing retail revitalization.
Irvine, CA-based Washington Mutual Bank, FA provided the funding.
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