Kislak Brokers $27.3M Short Sale of Philadelphia High Rises
- May 16, 2011
Philadelphia — The Kislak Company Inc. participated in the $27.3 million sale of Empirian Luxury Towers, two high-rise apartment buildings with 569 units and 13 commercial spaces in Philadelphia.
Vice President Jacob Friedman represented both parties in the transaction and worked closely with a special servicer involved with a distressed commercial mortgage-backed loan on the property.
Empirian Luxury Towers, which was formerly known as Park Drive Manor Apartments, consists of two 12-story brick apartment buildings located at 633 West Rittenhouse Street. Constructed in 1949, the buildings are situated on a hill overlooking historic Fairmont Park in the East Falls section of Philadelphia.
“A $50 million loan on the property was in special servicing,” says Robert Holland, senior vice president and co-managing director. “As the seller negotiated with the special servicer, Kislak was given an exclusive listing agreement to market and sell the property subject to the special servicer’s approval. Jacob Friedman is one of Philadelphia’s all-time leading multifamily salespeople, and the seller was confident in our ability to obtain the highest and best price for the property. Jacob did an extraordinary job guiding the transaction to closing as there were several complicated issues that had to be resolved.”
“Almost immediately, we generated very strong interest from many regional and national investors,” says Jacob Friedman. “The market for multifamily properties is strong throughout Philadelphia, and this was an exceptional opportunity in an excellent location. We registered over 130 interested parties, and after a sealed-bid deadline, worked quickly with the seller, eventual purchaser and special servicer to close the transaction, which was a short sale.”
The sale was an all-cash transaction. The seller was represented by Jacob Skaist, Esq. of Montvale, N. J., and the purchaser was represented by Bradley A. Krouse of Klehr Harrison Harvey Branzburg LLP of Philadelphia. At the time of closing, the property was approximately 75 percent occupied. The purchaser plans major renovations to the property, which was renamed Rittenhouse Hill.
NorthMarq Capital arranges seven-year Freddie Mac loan
St. Paul, Minn. — Brian Hennen, vice president of NorthMarq Capital’s Minneapolis Regional office, arranged first mortgage financing in the amount of $10.489 million for Highland Village Apartments, a 258-unit multifamily property located at 845 Cleveland Avenue South in St. Paul, Minn.
Financing was based on a seven-year term and a 30-year amortization schedule and was arranged for the borrower by NorthMarq through its seller-servicer relationship with Freddie Mac.