Philly Mixed-Use Tower Wins $45M in Financing
HFF has secured the financing for the 180-unit community.
Philadelphia—HFF has secured $45 million in financing for Avenir, a 180-unit, mixed-use apartment and retail tower in Center City Philadelphia. Located at 1501-1515 Chestnut St., Avenir is one block from the newly completed Dilworth Plaza at City Hall in the Philadelphia CBD.
Working on behalf of the borrower, a joint venture between the Scully Co., Alterra Property Group LLC and Spring Creek Investment Management, HFF placed the seven-year, fixed-rate loan with Webster Bank, a regional bank based in Waterbury, Conn., with local offices located in Conshohocken, Pa. Loan proceeds will replace the existing construction loan.
The 16-story building was originally built in 1902 and was converted from office space in 2015 to 101,628 square feet of residential space and 8,887 square feet of ground-floor retail space, which is fully occupied. Rents at the residence range from about $1,350 for a studio and to $2,640 for a two-bedroom, two-bathroom unit.
With a Walk Score of 100—”Walker’s Paradise, as the organization puts it—the property is close to numerous public transportation, retail, entertainment and dining options. Common amenities include a fitness center utilizing the ScullyFit wellness program; screening room; conference and business suites; resident lounge; indoor bike storage and cycle stations; and 24-hour concierge service.
The HFF deal team was led by Managing Director Ryan Ade and Senior Managing Director Jim Cadranell.