Post Brothers has received a $183 million loan for the refinancing of Presidential City, a Class A apartment complex in Philadelphia. The funding, a three-year interest-only loan with two one-year extension options, was sourced thru CBRE Capital Markets’ Debt & Structured Finance team with Starwood Capital. The asset, located at 3900 City Avenue, is comprised of four high-rise towers with 1,018 units.
Phase I of the project, which includes redeveloping Washington Tower (180 units) and Madison Tower (265 units) in addition to creating the Sora Pool Club, has been completed. Phase II, which includes redeveloping Jefferson Tower (331 units) and Adams Tower (242 units), is underway. The property is expected to be fully leased in 2017.
