Philadelphia—Post Brothers has received $103 million in financing to redevelop The Atlantic, a vacant, 21-story historic office building in Philadelphia that will be transformed into a 268-unit luxury multifamily property.
Natixis provided the floating-rate, first mortgage financing, which was arranged by Russell Schildkraut and Christine Zivkovic from The Ackman-Ziff Real Estate Group.
“Working with a successful developer like Post Brothers helped make this a great financing opportunity,” Greg Murphy, Natixis’ head of real estate finance Americas, told MHN. “Post Brothers is a highly successful Philadelphia-based multifamily developer and operator. Through vertical integration, Post Brothers handles all business in-house, with expertise in leasing, construction and property management, development, general contracting, transactions and financing.”
Located at 260 South Broad St., the property was designed by Rafael Viñoly, and includes an adjacent three-story parking garage building with 205 parking spaces.
“The interior unit finishes will be built to luxury condominium specs and will set a new high bar in the Class A apartment market,” Murphy said. “They will include kitchen islands with anti-microbial solid quartz countertops, built-in coffee machines and wine storage, large steam showers and Jacuzzi soaking tubs.”
The property will include a full amenity package including a business lounge with conference rooms for resident usage, clubhouse, and fitness center including yoga studio, rooftop swimming pool, and roof deck with dog park and grilling areas.
Post Brothers’ current portfolio consists of 16 properties with more than 3,000 units valued at $1.2 billion. The firm has been among the top 5 most active multifamily apartment developers in Philadelphia.
The Atlantic benefits from an exceptional location along the Avenue of the Arts amidst Center City’s most coveted cultural, dining, and retail offerings and will play an important part in distinguishing this property as a Class A rental project.
“This area is rich with entertainment venues, including the Kimmel Center for the Performing Arts, the Merriam Theater, the Academy of Music and the Wilma Theater,” Murphy said.