Project Overview
Project Overview
Project Overview
Location
Philadelphia, PA
Location
Philadelphia, PA
Loan Amount
$188,000,000
Loan Amount
$188,000,000
Asset Type
Office
Asset Type
Office
Transaction Challenges:
» 90% LTC leverage request from the Sponsor » Other than the Comcast Tower this project would be the only new ground up office tower in the Center City business district in over 30 years » Negotiating and closing during the COVID-19 pandemic — diminishing appetite for office product from lending community
Transaction Challenges:
» 90% LTC leverage request from the Sponsor » Other than the Comcast Tower this project would be the only new ground up office tower in the Center City business district in over 30 years » Negotiating and closing during the COVID-19 pandemic — diminishing appetite for office product from lending community
ArrowREA Solution:
» Our team relied on the strength of the Sponsor and the lease in hand from the tenant (Morgan Lewis & Bockius) to market the transaction to a very broad lender base. The team was able to put together a three-bank syndicate for the senior loan as well as a preferred equity and mezzanine financing piece to get to the desired leverage. The firm’s extremely close relationships with all of the capital providers ensured that the terms didn’t change despite the pandemic.
ArrowREA Solution:
» Our team relied on the strength of the Sponsor and the lease in hand from the tenant (Morgan Lewis & Bockius) to market the transaction to a very broad lender base. The team was able to put together a three-bank syndicate for the senior loan as well as a preferred equity and mezzanine financing piece to get to the desired leverage. The firm’s extremely close relationships with all of the capital providers ensured that the terms didn’t change despite the pandemic.
We partner with investors and developers to unlock optimal financing by leveraging our deep network of capital providers and delivering strategies tailored to each opportunity.
We partner with investors and developers to unlock optimal financing by leveraging our deep network of capital providers and delivering strategies tailored to each opportunity.
We partner with investors and developers to unlock optimal financing by leveraging our deep network of capital providers and delivering strategies tailored to each opportunity.