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Victor Gets $31M Condo Conversion

CAMDEN, NJ-The funds will go to the historic RCA building, with no penalties for prepayment after the first three years of the mortgage. The funds will be used to pay off the debt for the conversion construction.

By Sean Ryan | Updated on December 22, 2005

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.

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