PHILADELPHIA-Llenrock Group has secured $50 million in financing for 1845 Walnut Street, an office building on Rittenhouse Square.
The 350,000-square foot property is jointly owned by Frankel Enterprises, Allan Domb Real Estate, and Resource America, Inc., a Philadelphia-based asset management firm.
Because the building's owners plan to hold the asset for an extended period, Llenrock Group worked with them to secure fixed-rate, 15-year financing at less than 5% interest. The loan was sourced through a U.S. pension fund.
Llenrock also negotiated an interest-only period for the building ownes.
“We were pleased to work with such a high-quality asset in one of the city's most prestigious neighborhoods,” said Andrew Benioff, a founding partner of Llenrock.
1845 Walnut Street is the only office property overlooking Rittenhouse Square in Philadelphia's Market West submarket. It is more than 90% occupied.
Llenrock is an independent real estate advisory and investment-banking firm based in Philadelphia.
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