JV Receives $45M Loan for 180-Unit Mixed-Use Apartment, Retail Tower in Philadelphia
PHILADELPHIA — Scully Co., Alterra Property Group and Spring Creek Investment Management have received $45 million in refinancing for Avenir, a 180-unit mixed-use apartment and retail tower in Philadelphia’s Center City. Ryan Ade and Jim Cadranell of HFF arranged the seven-year, fixed-rate loan through Webster Bank for the borrower. Loan proceeds will replace the existing construction loan on the property. Located at 1501-1515 Chestnut St., the 16-story building was converted from office space to 101,628 square feet of residential space and 8,887 square feet of ground-floor retail space. On-site amenities include a fitness center, screening room, conference and business suites, resident lounge, indoor bike storage and cycle stations, and a 24-hour concierge service.