A $45 million loan was placed on Avenir, an apartment building in Center City.

The building at 1501-1515 Chestnut St. was an office building that was recently converted into an apartment complex with 180 units. It is owned by a joint venture between the Scully Co., Alterra Property Group and Spring Creek Investment Management.

Avenir is close to Dilworth Plaza in Center City.


Holliday Fenoglio Fowler arranged the seven-year, fixed-rate loan with Webster Bank, a regional bank in Waterbury, Conn., that also has offices located in Conshohocken, Pa. The funds will replace an existing construction loan.

The 16-story building was built in 1902 as a 101,628-square-foot office building. It has 8,887 square feet of retail space that is fully leased.

Ryan Ade and Jim Cadranell of HFF arranged the loan.

Source: Philadelphia Business Journal