PCCP Provides $80M Loan for Refinancing of Philadelphia Office Building
PHILADELPHIA — PCCP LLC has provided an $80 million senior loan for the refinancing of 123 South Broad Street, a 705,500-square-foot office building located within Philadelphia’s Center City district. The 30-story building was originally constructed in 1928 and is currently leased to a roster of 92 tenants. The borrower was a joint venture between SSH Real Estate, Quilvest Capital Partners and Young Capital. Ryan Ade and Jim Cadranell of JLL arranged the financing. Ownership will use a portion of the proceeds to fund capital improvements, including the addition of amenities like a fitness center, rooftop deck and shared conference space.