PHILADELPHIA — CBRE Capital Markets’ Debt & Structured Finance team has arranged a $183 million loan for the refinance of Presidential City, an apartment complex located at 3900 City Ave. in Philadelphia. The borrower was Post Brothers. Shawn Rosenthal of CBRE secured the three-year, interest-only loan with two one-year extension options. Starwood Capital provided the financing. Presidential City comprises four high-rise towers featuring a mix of one-, two- and three-bedroom residences. The first phase of the project, including the redevelopment of the 180-unit Washington Tower and the 265-unit Madison Tower and the creation of Sora Pool Club, has been completed. The second phase, including the redevelopment of the 331-unit Jefferson Tower and the 242-unit Adams Tower, is underway. The property is expected to be fully leased in 2017.
Located in Philadelphia, Presidential City comprises four high-rise towers offering a mix of one-, two- and three-bedroom apartment layouts.
CBRE Arranges $183M Loan for Presidential City Apartment Complex in Philadelphia
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