PHILADELPHIA — Wrightwood Capital has provided $9.83 million on behalf of the sponsor, a joint venture between 806 Capital and Seligsohn Soens Hess, to finance the acquisition of 1201 Chestnut Street in Philadelphia. The 15-story office building will undergo upgrades as part of the transaction. Totaling approximately 90,000 square feet, the building features three retail suites at street level. Office spaces occupy the remaining floors. The complex is located between three courthouses and near a variety of restaurants and retail amenities, as well as Thomas Jefferson Hospital, in the Center City/Market East submarket. The sponsor’s planned improvements include upgrading the lobby, elevator landings and restrooms and leasing the available space at market rents. Josh Zegen of Alpine Commercial Capital sourced the financing. A 36-month loan was structured by Wrightwood Capital.
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