Ivy Realty has secured a $23.34 million construction loan for the redevelopment of 1600 Callowhill Street in Philadelphia, Pennsylvania. The project is a 6 story warehouse building originally constructed in 1910 and was later renovated into an office building in 1990. Ivy Realty acquired the building in December 2016 and plans to extensively redevelop the Property into a 93-unit, mid-rise upscale multi-family loft rental building with approximately 2,600 square feet of ground floor retail. It plans to carry out a historic-minded renovation of the property, making it eligible for a Federal Historical Tax Credit subsidy. Cushman & Wakefield’s Equity, Debt & Structured Finance team sourced the floating rate financing through Santander Bank, N.A.
“Ivy Realty foresaw the opportunity to renovate a historic building into modern loft rentals, capitalizing on a growing market and rezoning in the area. Santander recognized Sponsorship’s business plan and was able to provide a great financing execution,” said John Alascio, Executive Director in Cushman & Wakefield’s Equity, Debt & Structured Finance group.
