PHILADELPHIA, PA – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has secured $45 million in financing for Avenir, a 180-unit, luxury mixed-use apartment and retail tower in Center City Philadelphia, Pennsylvania.
Working on behalf of the borrower, a joint venture between the Scully Company, Alterra Property Group, LLC and Spring Creek Investment Management, HFF placed the seven-year, fixed-rate loan with Webster Bank (Webster), a leading regional bank based in Waterbury, Connecticut, with local offices located in Conshohocken, Pennsylvania. Loan proceeds will replace the existing construction loan.
Located at 1501-1515 Chestnut Street, Avenir is one block from the newly-completed Dilworth Plaza at City Hall in the heart of Philadelphia’s central business district. The 16-story building was originally constructed in 1902 and was converted from office space to 101,628 rentable square feet of residential space and 8,887 square feet of 100-percent leased ground-floor retail space in 2015. With a Walk Score® of 100, the property is close to numerous public transportation, retail, entertainment and dining options. Property amenities include a fitness center utilizing the ScullyFit wellness program; screening room; conference and business suites; resident lounge; indoor bike storage and cycle stations; and 24-hour concierge service.
The HFF deal team was led by managing director Ryan Ade and senior managing director Jim Cadranell.
“Webster is pleased to be a part of this project as it will contribute to Philadelphia’s positive economic growth and development by creating jobs and attracting businesses,” said Fred Felter, senior vice president, senior relationship manager, Commercial Real Estate at Webster Bank.
About Scully Company
Established over 60 years ago, Scully Company brings generations of family know-how and professional experience. Scully Company specializes in multifamily real estate in both ownership and management capacities, currently managing thousands of units consisting of large-scale garden, mid-rise and high-rise apartment communities for institutions, private investors and our own portfolio in Florida, Pennsylvania, New Jersey, and Connecticut. Operating in diverse locations with a keen focus on strategies specific to local markets, Scully Company has achieved recognition as a leader in the multifamily industry, which is its only specialty.
About Alterra Property Group, LLC
Alterra Property Group, LLC (“Alterra”) is a diversified real estate investment, development and management company based in Philadelphia, Pennsylvania. The company employs a highly-qualified team of professionals that handle all aspects of real estate development, investment and management, including but not limited to: acquisition, entitlement, project/construction management, asset management, property management, accounting and underwriting. As part of this track record, the principals of Alterra have worked with and can provide references from numerous institutional private equity firms, such as The Blackstone Group, Federal Capital Partners, BlackRock, Normandy Realty Partners and Patron Capital Partners. Alterra has developed hundreds of upscale apartments in Philadelphia and currently manages them under the umbrella of APG Living. Leasing information can be found at www.apgliving.com.
About Webster Financial Corporation
Webster Financial Corporation is the holding company for Webster Bank, National Association (Webster). With $24.7 billion in assets, Webster provides business and consumer banking, mortgage, financial planning, trust and investment services through 180 banking centers and 352 ATMs. Webster also provides telephone banking, mobile banking and Internet banking. Webster Bank owns the asset-based lending firm Webster Business Credit Corporation; the equipment finance firm Webster Capital Finance Corporation; and HSA Bank, a division of Webster Bank, which provides health savings account trustee and administrative services. Webster Bank is a member of the FDIC and an equal housing lender. For more information about Webster, including past press releases and the latest annual report, visit the Webster website at www.websterbank.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.