PHILADELPHIA, PA—Holliday Fenoglio Fowler has arranged $160 million in combined financing for the development of a trophy-class, 755-room, dual-branded W + Element hotel development in Center City Philadelphia, PA.
HFF worked exclusively on behalf of Chestlen Development, LP to secure construction financing totaling $160 million by structuring a $100 million senior loan in conjunction with $60 million in mezzanine financing. HFF placed the senior loan with Bank of the Ozarks and the mezzanine financing with Cornerstone Real Estate Advisers LLC. Vine Street Matthews, a joint venture between Matthews Southwest and Vine Street Ventures, is the developer of this project.
The completed hotel complex will be located at 1441 Chestnut Street at the intersection of 15th and Chestnut Streets in Philadelphia's Center City. The hotels will be one block from the newly-redeveloped Dilworth Plaza and City Hall and minutes from the recently expanded Pennsylvania Convention Center in downtown Philadelphia. The development site has numerous upscale retail shops and restaurants within walking distance, in addition to a variety of artistic and entertainment venues.
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
