Sean Ryan is associate editor of Real Estate New Jersey
(To read more on the debt and equity markets, click here and to read more on the multifamily market, click here.)
CAMDEN, NJ-Dranoff Properties has borrowed $31 million for the condominium conversion of the Victor, located at One Market St. a block from the Delaware River waterfront. After decades as the RCA building--Nipper the dog is on the building's stained glass tower--it was converted to residential lofts for rent. The funding will go toward paying off the debt for the conversion construction.
The Victor has 341 units, with vintage RCA equipment such as Victrolas in common areas. The ground floor features 23,000 sf of retail. CharterMac provided the $31-million nine-year first mortgage using a new program where the mortgage is contributed to a CharterMac affiliate's CDO. The mortgage is prepayable after three years.
"The Camden waterfront is superbly located with unparalleled views and transportation links, but was in need of a large-scale catalyst," says Carl Dranoff, president of the Philadelphia-based development company. "The waterfront is now recognized as an attractive alternative to Downtown Philadelphia, with a more attractive price point." Dranoff also holds development rights to undeveloped land adjacent to the Victor.
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