$17.5M refinance for Center City brownstones
Eastern Union Funding of Howell, N.J., brokered $17.5 million for refinancing 15 single-family brownstones that have been converted to apartments in Center City.
Although Eastern Union declined to name its client, the Philadelphia Office of Property Assessment gave an address at 718 Arch St. for each, which is the office of AMC Delancey Associates and related property management companies.
Eastern locked in a rate of 3.5 percent with Peapack Gladstone Bank for seven years without recourse on the loans, or roughly $150,000 per residential unit, amounting to 116 units and five commercial tenants.
The deals were broken up into two loans - $13 million and $4.5 million, with the smaller covering 2013 and 2017 Spruce St. and 212 South 11th St., bought recently at foreclosure. It refinanced a construction loan for the initial improvements.
The others are at 703 Walnut St., 420 South 15th St., 330 South 17th St., 2310 Delancey Place, 2209 Walnut St., 2025 Walnut St., 2027 Walnut St., 125 South 22d St., 1734 Spruce St., 1535 Pine St., and 1010 and 1012 Clinton St.
- Alan J. Heavens