PHILADELPHIA — New York City-based Square Mile Capital Management has provided a $195 million acquisition loan for 1500 Locust, a 612-unit apartment tower located in Philadelphia’s Rittenhouse Square neighborhood. The 45-story building also houses 7,700 square feet of retail space and was 97 percent occupied at the time of sale. Amenities include a rooftop pool and lounge, fitness center, media room and outdoor grilling stations. Drew Anderman and Alan Blank of Meridian Capital Group arranged the debt. The borrower is a joint venture between Fairstead, a developer with offices along the East Coast, and its undisclosed institutional equity partner. A portion of the proceeds will be used to fund capital improvements. Lizann McGowan, Erin Miller, Marybeth Farris and Chris Koehler of Newmark represented the seller, Barings, in the transaction.
![1500-Locust-Philadelphia 1500-Locust-Philadelphia](https://rebusinessonline.com/wp-content/uploads/2022/01/1500-Locust-Philadelphia.jpg)
The apartment tower at 1500 Locust St. in Philadelphia's Rittenhouse Square area rises 45 stories and totals 612 units.
Square Mile Capital Provides $195M Acquisition Loan for Philadelphia Apartment Tower
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