A Brooklyn developer has secured $24 million in financing for its redevelopment of the former West Philadelphia High School building into a 298-unit apartment property.
Colliers International Capital Markets said in a release Friday that it had arranged the loan for the acquisition and redevelopment of the 442,200-square-foot, four-story structure.
Brooklyn-based Heights Advisors describes the project at 4700 Walnut St. on its website as a gut rehabilitation. An entity with the same address as Heights Advisors purchased the 1911 building for $5.1 million in February 2015, according to records filed with the city.
The West Philadelphia High building, which is listed on the National Register of Historic Places, was part of a portfolio of closed schools to sold off by the School District of Philadelphia.