PHILADELPHIA—Holliday Fenoglio Fowler arranged $53.426 million in preferred equity and construction financing for the development of 3201 Race Street, a 16-story, luxury high-rise apartment property in Philadelphia's University City neighborhood.
The HFF deal team was led by managing director Ryan Ade and senior managing director Mark Thomson.
“HFF was very pleased to be involved in raising both equity and debt capital on behalf of Radnor Property Group,” says Ade. “We are excited to see this project come to fruition as University City continues to attract institutional capital from around the United States.”
HFF worked on behalf of the developer, Radnor Property Group, to arrange $18.076 million in preferred equity from a commingled fund managed by American Realty Advisors. In addition, HFF secured a $35.35 million construction loan for the newly-created partnership through the Santander Commercial Real Estate office in Philadelphia.
Due for completion in 2017, 3201 Race Street will have 164 one- and two-bedroom residential units averaging 680 square feet each and 13,837 square feet of ground floor commercial space, which will be occupied by childcare operator Nobel Learning Communities. Situated on a 0.68-acre site on the Drexel University campus, the property provides nearby access to Interstate 76, the Philadelphia Museum of Art and 30th Street Station, the largest transportation hub in the region and the third busiest Amtrak station in the United States. In addition, the project is situated two blocks from the Innovation Neighborhood, which when complete, will add 6.5 million square feet of mixed-use space to the submarket.
PHILADELPHIA—Holliday Fenoglio Fowler arranged $53.426 million in preferred equity and construction financing for the development of 3201 Race Street, a 16-story, luxury high-rise apartment property in Philadelphia's University City neighborhood.
The HFF deal team was led by managing director Ryan Ade and senior managing director Mark Thomson.
“HFF was very pleased to be involved in raising both equity and debt capital on behalf of Radnor Property Group,” says Ade. “We are excited to see this project come to fruition as University City continues to attract institutional capital from around the United States.”
HFF worked on behalf of the developer, Radnor Property Group, to arrange $18.076 million in preferred equity from a commingled fund managed by American Realty Advisors. In addition, HFF secured a $35.35 million construction loan for the newly-created partnership through the Santander Commercial Real Estate office in Philadelphia.
Due for completion in 2017, 3201 Race Street will have 164 one- and two-bedroom residential units averaging 680 square feet each and 13,837 square feet of ground floor commercial space, which will be occupied by childcare operator Nobel Learning Communities. Situated on a 0.68-acre site on the Drexel University campus, the property provides nearby access to Interstate 76, the Philadelphia Museum of Art and 30th Street Station, the largest transportation hub in the region and the third busiest Amtrak station in the United States. In addition, the project is situated two blocks from the Innovation Neighborhood, which when complete, will add 6.5 million square feet of mixed-use space to the submarket.
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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].
