PHILADELPHIA—Holliday Fenoglio Fowler secured $45 million in financing for Avenir, a 180-unit, luxury mixed-use apartment and retail tower in Philadelphia, being developed by a joint venture between the Scully Co., Alterra Property Group, and Spring Creek Investment Management.
Working on behalf of the joint venture, HFF placed the seven-year, fixed-rate loan with Webster Bank a regional bank in Waterbury, CT, with local offices located in Conshohocken, PA. Loan proceeds will replace the existing construction loan.
Located at 1501-1515 Chestnut Street, Avenir is one block from the newly-completed Dilworth Plaza at City Hall in the heart of Philadelphia's central business district. The 16-story building, originally constructed in 1902, was converted from office space to 101,628 rentable square feet of residential space and 8,887 square feet of 100-percent leased ground-floor retail space in 2015. The property is close to numerous public transportation, retail, entertainment and dining options. Property amenities include a fitness center; screening room; conference and business suites; resident lounge; indoor bike storage and cycle stations; and 24-hour concierge service.
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