Jones Lang LaSalle has secured a $96 million loan for a joint venture of Taconic Capital Advisors and Cohen Equities. The proceeds will enable the joint venture to purchase and rehabilitation of 801 Market Street, a 695,130 sqf office tower in the Market East submarket of Philadelphia. The funding, provided by Deutsche Bank and Square Mile, will be used to purchase the office component of the building on floors three through six as part of a deal that assembled the entire office portion of the building. The JV previously acquired floors seven through 13 in November 2016. Currently, floors one and two are being redeveloped as part of Fashion District Philadelphia, a development that will span three city blocks and feature high-end retail and entertainment.
Executive Vice President Adam Schwartz, Managing Directors Aaron Appel, Jonathan Schwartz and Senior Vice President Chad Orcutt led the JLL team on the deal. Schwartz called it “a unique opportunity to provide a progressive package to finance the entire acquisition of the stabilized portion of an asset, while at the same time refinancing the value-add portion. It was an easy story to sell, but a very tough one to execute.”
