Cushman & Wakefield announced today that it served as the exclusive advisor to affiliates of The Brickstone Companies and JP Morgan Special Situation Property Fund in arranging approximately $52 million of construction financing. The loan is secured by 1112-1128 Chestnut Street, a ground-up, mixed use apartment and retail project located in Center City, Philadelphia, Pennsylvania. The five-year, non-recourse floating rate financing was provided by a European bank.
Upon completion, 1112-1128 Chestnut Street will include 112 residential units as well as approximately 90,000 square feet of retail space. The property is centrally located three blocks east of Philadelphia’s City Hall in the Midtown Village neighborhood, which features an eclectic mix of dining establishments, retail offerings, galleries, hotels and major tourist destinations.
A Cushman & Wakefield Equity, Debt and Structured Finance team of Steve Kohn, Alex Hernandez and Alex Lapidus represented affiliates of The Brickstone Companies and JP Morgan Special Situation Property Fund.
“Lenders were highly-attracted to this exceptional financing opportunity with a strong national and local developer, and its institutional partner,” said Kohn, President of Cushman & Wakefield Equity, Debt & Structured Finance.
“The property is well positioned to benefit from the redevelopment of the Market East corridor and when all coupled together it will truly be transformational,” noted Alex Hernandez, Managing Director.
This is Cushman & Wakefield’s fourth recent institutional transaction in the Market East corridor. The firm previously arranged the recapitalization of East Market Street, Mellon Independence Center and the joint venture equity for the subject transaction.