Presidential City, Post Brothers' Philadelphia MF, Gets $183M Refi Loan

Sora Pool Club at Presidential City Apartments, 3900 City Avenue, Philadelphia, PA

PHILADELPHIA—Presidential City, Post Brothers’ lavish multifamily redevelopment project off City Avenue near Bala Cynwyd is getting a $183-million refinancing arranged by CBRE . As previously reported by GlobeSt.com , in 2014, Post Brothers founders Matthew and Michael Pestronk renovated Presidential City, located at 3900 City Avenue , transforming its four apartment towers into luxury residences. The complex, which includes more than 1,000 housing units, was built in the 1950s by John McShain , who also built the Pentagon and the Jefferson Memorial. Shawn Rosenthal of CBRE’s midtown Manhattan office secured the three-year interest-only loan with two one-year extension options on behalf of Post Brothers . Financing was provided by Starwood Capital . “The financing markets were extremely impressed with the quality of the renovations to date, the interiors of the units, and the unique and expansive amenities,” says Rosenthal . “The Pestronk brothers truly created a destination class A multifamily asset, unmatched in the Philadelphia area.” “The CBRE team was able to help us obtain a loan that was commensurate with the world-class environment that we’ve created in one of Philadelphia’s most significant and historical apartment communities,” says Matthew Pestronk. Phase I of the project, which includes redeveloping Washington Tower (180 units) and Madison Tower (265 units) has been completed. This included the recent opening of the Sora Pool Club , which includes three outdoor temperature controlled saltwater swimming pools — open year-round — including a 75-foot Olympic-sized lap pool, where residents can swim at their leisure; a center lounge pool; and a play pool, for children and family activities. Phase II, which includes redeveloping Jefferson Tower (331 units) and Adams Tower (242 units), is underway. The property is expected to be fully leased in 2017.