AMERICAN REAL ESTATE CLOSES ON $16M LOAN FOR PHILLY PARKING/RETAIL PROPERTY

PHILADELPHIA — American Real Estate Capital has closed on a 10-year, $16 million loan for the refinancing of Convention Center Parking Garage in Philadelphia. The 306,377-square-foot property is a five-story parking garage with 12,286 square feet of ground-floor retail space. The parking garage is situated beneath a 279-room Hilton Garden Inn.