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Weinreb Takes 1500 Spring Garden for $210M

PHILADELPHIA-Jacob Weinreb recapitalizes the asset with a $140-million first mortgage, $35-million mezzanine loan and $35 million in equity.

By Marita Thomas | Updated on November 21, 2007

PHILADELPHIA-Jacob Weinreb of New York City-based Weinreb Realty has acquired 1500 Spring Garden St., the 1.1-million-sf former Smith Kline pharmaceutical plant that was converted into a class A, high-tech office building by Amerimar Enterprises. Amerimar will continue to manage the property. Calls to Amerimar were not returned by deadline.

However, Michael Campbell, partner of Carlton Advisory Services in New York City, confirms the details of the transaction. Campbell; Carlton’s chairman, Howard Michaels; and associate Damien Wilson closed on $35 million in mezzanine financing for the acquisition. Carlton accessed “a major hedge fund” to provide the mezzanine financing for its client’s acquisition, according to Campbell.

The mezzanine loan is junior to a first mortgage from an unidentified regional bank. “The total capitalization is around $210 million,” Campbell tells GlobeSt.com. It includes a $140-million first mortgage and $35 million in equity in addition to Carlton’s mezzanine loan.

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