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.
Managing director Ryan Ade and senior managing director Jim Cadranell led the HFF deal team.
“Webster is pleased to be a part of this project as it will contribute to Philadelphia's positive economic growth and development by creating jobs and attracting businesses,” says Fred Felter, SVP, senior relationship manager, commercial real estate at Webster Bank.
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.
Managing director Ryan Ade and senior managing director Jim Cadranell led the HFF deal team.
“Webster is pleased to be a part of this project as it will contribute to Philadelphia's positive economic growth and development by creating jobs and attracting businesses,” says Fred Felter, SVP, senior relationship manager, commercial real estate at Webster Bank.
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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].
