Pantzer Properties has made its second recent buy in
Philadelphia and acquired the Sansom for more than an estimated $40 million.
The 8-story building at 1605 Samsom St. has 104 rental
units. It also has 10,900 square feet of retail space occupied by Adolf Biecker
Spa and Salon as well as two restaurants, Abe Fisher and Dizengoff.
Meridian Capital Group arranged $31.5 million in
acquisition financing for the property. The 5-year loan, which was issued by an
undisclosed regional lender, has a fixed-rate of 3.1 percent and two years of
interest-only payments followed by a 30-year amortization schedule.
In June, Pantzer, a New York real estate company, bought
the Oakwood Philadelphia, an extended-stay rental property for $28.87 million.
The complex is located next door to the Sansom at 1601 Sansom St. It has 80
units and 11,192 square feet of retail space. Pantzer intends to rename the
Oakwood the Point at Rittenhouse Row and convert it into a market rate rental
community.
Pearl Properties, a Philadelphia real estate company,
constructed the Sansom roughly two years ago.
Source: Philadelphia
Business Journal
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