PHILADELPHIA — Berkadia Commercial Mortgage has secured $17.5 million in non-recourse funds for the refinancing of Red Lion Plaza in Philadelphia. The shopping center totals approximately 229,000 square feet. Tenants include Best Buy, Staples, American Signature Furniture and Planet Fitness. The loan carries a 6.25 percent fixed interest rate. Rob Lipson of Berkadia's Red Bank, N.J., office and Jim Badolato of the firm's Philadelphia office originated the loan on behalf of RL Shopping Center LP through a regional bank. In addition, Berkadia originated a $3 million permanent loan for the refinancing of the Curtis Building, a 558,000-square-foot industrial/office condo property located in Sharon Hill, Pa. Terms of the loan include a 10-year term, a 20-year amortization schedule and a fixed interest rate. Warren Higgins of Berkadia's Philadelphia office originated the loan through Sun Life Assurance Company of Canada. The borrower is Curtis Park Associates.
Red Lion Plaza is a 229,000-square-foot shopping center located in Philadelphia.
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