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Carl Marks Gets First-Stage Financing for Philly WTC

PHILADELPHIA-While $8 million doesn't make a big dent in the projected $106-million needed to fund phase one of the four-million-sf project, "it makes raising the rest easier," Martin Schiffman, president of the developing partnership, tells GlobeSt.com.

By Marita Thomas | Updated on November 13, 2003

PHILADELPHIA-Wilmington Trust provides $8 million in first-stage financing for the ambitious Greater Philadelphia World Trade Center. The loan is funded on behalf of Waterfront Renaissance Associates, the locally based partnership–an affiliate of New York-based Carl Marks Real Estate Group–that is developing the four-million-sf project.

The loan is for a minimum of five and a half years and a maximum of 10, according to Martin Schiffman, managing director of Carl Marks and president of the partnership. It is fully guaranteed by the Delaware River Port Authority under the authority’s public/private partnership with WRA. It “consolidates, extends and lowers the cost of the various elements of the debt used to assemble the site,” says Schiffman.

Stage one is a 42-story, 396-unit rental apartment building. Schiffman projects a construction cost of $106 million. Without predicting a date for breaking ground, he says WRA will begin “as soon as financing is arranged.” Of the rental rates in the tower, he says, “every unit will be different, but the projected rent will be between $2 and $2.50 per sf.”

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