Starwood Capital Group has provided Post Bros. with a
$183 million loan to refinance the development company's Presidential City
apartment complex at 3900 City Ave. in Philadelphia, real estate services firm
CBRE said in a release Monday.
CBRE Capital Markets' Debt & Structured Finance team
arranged the three-year, interest-only loan with two one-year extension
options, the firm said.
Post Bros. has completed redevelopment of two of the four
towers that make up the 1,018-unit Presidential City site and has finished work
on the buildings' five-acre pool complex. The property is expected to be fully
leased in 2017, CBRE said.
Source: Philly.com
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