A joint venture between the Scully Co., Alterra Property Group LLC and Spring Creek Investment Management, have secured $45 million in permanent financing for the Avenir mixed use building in the Philadelphia CBD. Holliday Fenoglio Fowler placed the seven-year, fixed-rate loan with Webster Bank, a regional bank based in Waterbury, Conn. Built in 1902, the 16 story building was converted from office space in 2015 to 101,628 sqf of residential space and 8,887 sqf of ground floor retail space. Located at 1501-1515 Chestnut St., the 180 units collect $1,350 per month for a studio up to $2,640 for a two-bedroom, two-bathroom unit. The proceeds from the loan will be used to replace the existing construction loan.
