PHILADELPHIA, PA—CBRE's Capital Markets Debt & Structured Finance team has arranged $49.75 million acquisition and improvement financing for the Public Ledger Building, a historic 534,004-square-foot office property located in the heart of Philadelphia.

The CBRE team of James Gunning, Donna Falzarano and Evan Kleppe arranged the financing with a national debt fund on behalf of the borrower, Purchase, NY-based Carlyle Development Group. Carlyle received short term acquisition financing for a three-year term with two one-year extensions for the purposes of acquiring and improving the property. The bridge financing allows Carlyle the opportunity to receive additional proceeds for future lease-up and general building renovations, while preserving its flexibility to operate and dispose of the asset as needed.

Located at 600 Chestnut Street, the 65 percent-occupied Public Ledger Building is home to the US Government's General Services Administration, the property's largest tenant. GSA occupies about 134,000 square feet, and provides a significant credit anchor, CBRE says. The building covers an entire city block bounded by South 6th Street, Chestnut Street, South 7th Street and Sansom Street, with views of Independence Square Park, Center City Philadelphia, Old City and the Delaware River.