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Iron Stone Gets $24M to Fund Falls Center

PHILADELPHIA-The developer uses funding from CapitalSource to begin redevelopment at the former Medical College of Pennsylvania.

By Marita Thomas | Updated on January 15, 2008

(Read more on the multifamily market.)

PHILADELPHIA-Locally based Iron Stone Real Estate Cos. has obtained a $23.5-million senior mortgage loan for its redevelopment of the former 13-acre Medical College of Pennsylvania campus at 3300 Henry Ave. in the East Falls neighborhood. Iron Stone plans to convert the multi-building property into the Falls Center mixed-use complex, as GlobeSt.com previously reported.

Gregg Wallace of Narbeth-based AMA Financial, arranged for the funding. The lender is Chevy Chase, MD-based CapitalSource, and David Hall, an investment officer in CapitalSource’s New York City structured finance group office, handled the transaction. It is CapitalSource’s first with Iron Stone. Hall tells GlobeSt.com he was “impressed with Iron Stone’s plan and the location’s access to Center City and the suburbs.” He declines to disclose the loan’s rate or term.

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