Tuesday, September 1, 2015

Boston firm grabs 'non-performing' 1515 Market

$70M loan bought for $57M, from Stockton Real Estate

Boston firm grabs 'non-performing' 1515 Market


Winthrop Realty Trust, Boston, says it has paid around $57 million to take over the non-performing $70 million mortgage on 1515 Market St., a 514,000 sq ft office building that counts Pennsylvania state courts, Citizens Bank and Temple among its clients. Statement here.

The building was last purchased for $76 million in 2007, according to city records here.  The buyers were Philadelphia-based Stockton Real Estate Advisors, founded by Rubenstein Co. veterans James Paterno and Christopher Amoroso, backed by national property investor CBRE Realty Finance. More about that deal here.

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PhillyDeals posts drafts, transcripts and updates of Joseph N. DiStefano's columns and stories about Philly-area business, which he's been writing since 1989.

DiStefano studied economics, history and a little engineering at Penn and taught writing at St. Joseph's. He has written thousands of columns and articles for the Inquirer, Bloomberg and other media, wrote the book Comcasted, and raised six children with his wife, who is a saint.

Reach Joseph N. at JoeD@phillynews.com, distefano251@gmail.com, 215.854.5194 or 302.652.2004.

Reach Joseph N. at JoeD@phillynews.com or 215 854 5194.

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