Cushman & Wakefield announced today that it served as the exclusive advisor to Ivy Realty in arranging $23.34 million of construction financing secured by 1600 Callowhill Street in Philadelphia, Pennsylvania. The floating rate financing was provided by Santander Bank, N.A.
1600 Callowhill is a 6-story warehouse building originally constructed in 1910 and was later renovated into an office building in 1990. Ivy Realty acquired the building in December 2016 and plans to extensively redevelop the Property into a highly amenitized, 93-unit, mid-rise upscale multi-family loft rental building with approximately 2,600 square feet of ground floor retail. The Property is exceptionally located within the growing and rapidly expanding Logan Square neighborhood offering convenient access to retail, transportation, and night life destinations. The Property is also walkable to the central business district. The Sponsor will pursue a historic renovation of the Property in exchange for a Federal Historical Tax Credit subsidy.
The Cushman & Wakefield Equity, Debt & Structured Finance team of John Alascio, John Spreitzer and Noble Carpenter III represented Ivy Realty.
“Ivy Realty foresaw the opportunity to renovate a historic building into modern loft rentals, capitalizing on a growing market and rezoning in the area. Santander recognized Sponsorship’s business plan and was able to provide a great financing execution,” said John Alascio, Executive Director in Cushman & Wakefield’s Equity, Debt & Structured Finance group.
About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop, and live. Our 45,000 employees in more than 70 countries help occupiers and investors optimize the value of their real estate by combining our global perspective and deep local knowledge with an impressive platform of real estate solutions. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $6 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. 2017 marks the 100-year anniversary of the Cushman & Wakefield brand. 100 years of taking our clients’ ideas and putting them into action. To learn more, visit www.cushwakecentennial.com, www.cushmanwakefield.com or follow @CushWake on Twitter.
About Ivy Realty
Founded in 1996, Ivy Realty is a Greenwich, CT-based real estate investment, development and management company with a portfolio exceeding six million square feet of office, industrial and retail properties. Ivy invests on behalf of institutional, discretionary funds in value-added investments in the Northeast U.S., Southeast Florida and Colorado. For more information, visit www.ivy-realty.com.
