Post Bros. project gets $183M refi loan from Starwood Capital
Starwood Capital Group has provided Post Bros. with a $183 million loan to refinance the development company's Presidential City apartment complex at 3900 City Ave. in Philadelphia, real estate services firm CBRE said in a release Monday.
Starwood Capital Group has provided Post Bros. with a $183 million loan to refinance the development company's Presidential City apartment complex at 3900 City Ave. in Philadelphia, real estate services firm CBRE said in a release Monday.
CBRE Capital Markets' Debt & Structured Finance team arranged the three-year, interest-only loan with two one-year extension options, the firm said.
Post Bros. has completed redevelopment of two of the four towers that make up the 1,018-unit Presidential City site and has finished work on the buildings' five-acre pool complex. The property is expected to be fully leased in 2017, CBRE said.
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