Cushman & Wakefield Arranges $28M Refi for Philly Community
- Aug 14, 2019
A Cushman & Wakefield Equity, Debt & Structured Finance team has facilitated the $27.5 million refinancing of Sixteen Hundred Lofts, a recently completed community in Philadelphia. John Alascio, Sri Vankayala and Noble Carpenter III represented the borrower in the transaction, a joint venture between Ivy Realty and DW Partners. BBVA provided the loan. Last month, the bank funded the construction of a New Jersey luxury project.
The property was completed in December 2018 and encompasses 82,556 square feet, with 95 units ranging in size between 504 and 1,225 square feet. Amenities include a rooftop terrace, gym, lounge, parking, concierge, exposed brick and in-unit washers and dryers. Short-term rental company Sonder currently leases approximately 40 percent of the community.
Sixteen Hundred Lofts is located at 1600 Callowhill St. in a historic area with an industrial past, between the City Center and the Fairmount neighborhoods. Nearby amenities include restaurants, cafes, retailers, banks and entertainment options.