FLORHAM PARK, NJ - Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has arranged $88 million in financing for The Left Bank, a 282-unit, luxury loft apartment complex in Philadelphia, Pennsylvania.
Working on behalf of the borrower, Dranoff Properties, HFF placed the five-year, fixed-rate loan with a regional community bank.
The Left Bank is located at 3131 Walnut Street in Philadelphia’s University City neighborhood near the University of Pennsylvania, 30th Street Amtrak station and the Schuylkill River. In 2001, the University of Pennsylvania selected Dranoff – which develops, owns and manages residential properties throughout Pennsylvania and New Jersey – to convert the building, which was originally built in 1929 to serve as the Pennsylvania Railroad Depot. The property has a mix of studio, one-, two- and three-bedroom units averaging 971 square feet each that and featuring 12-foot ceilings, spacious layouts, original architectural elements and oversized windows with views of the Philadelphia skyline. In addition to the residential component, the property also includes 98,707 square feet of office space and 22,605 square feet of retail, which are both 100 percent occupied. Community amenities include an Art Deco lobby, sky deck, landscaped courtyard, fitness center, business center, community conference rooms, clubroom with catering kitchen, bike storage and 24-hour concierge service.
The HFF debt placement team representing the borrower was led by senior managing director Jim Cadranell and managing director Ryan Ade.
“It was a pleasure to work with the Dranoff team to refinance this outstanding asset,” stated Cadranell.
About Dranoff Properties: Dranoff Properties (Dranoff) is a Philadelphia-based designer, builder, manager and property owner with an established reputation for creating some of the most vibrant live-work-play communities in the Philadelphia market. From expert design and construction through completion and property management the Dranoff difference assures each property is built to the highest standards and remains an important anchor to the community for generations to come. For more information, please visit www.dranoffproperties.com.
About HFF: HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 22 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.