Calif. firm takes $18.1M equity stake in 3201 Race St. tower at Drexel

031016_3201_render_1200
RPG is the developer, owner and asset manager of this $55 million, 175,000 square foot mixed-use development in University City on Drexel University’s campus several blocks from 30th Street Station.

American Realty Advisors of Glendale, Calif., is taking an $18.1 million equity stake in the 3201 Race St. residential tower on Drexel University's campus, according to Holliday Fenoglio Fowler L.P., which brokered the investment.

HFF said in a release Thursday that it also arranged for a $35.4 million construction loan from Santander Bank N.A. for the 16-story, 164-unit project being developed by Radnor Property Group of Wayne.

The tower, which will feature a 13,840-square-foot child-care center operated by Nobel Learning Communities on its ground floor, is scheduled for completion in 2017.

jadelman@phillynews.com

215-854-2615 @jacobadelman

Real Estate Tools
Looking for a new home? Search Philadelphia real estate »
Browse Recent Home Sales »
Compare Philadelphia mortgage rates »