Greystone has provided a $27,503,000 Freddie Mac Optigo® loan to refinance a 109-unit multifamily / mixed use property in Philadelphia, Penn. The transaction was originated by Ryan Harkins and Dan Gillard of Greystone on behalf of Gotham Tower LP.
The non-recourse, fixed-rate, 12-year loan for The Gotham replaces construction financing as the building became stabilized after completion. Acquired in 2018, the property has seen extensive capital improvements as it was transformed from its original use as a silk factory to a mixed-use property with studio, one-, two-, three-, and four-bedroom units along with an attractive amenity package.
“This development project was a unique opportunity to bring high-quality rental housing to the Philadelphia market while preserving the historic charm of the original use of the site as Gotham Silk Factory,” said Jim Maransky, principal of the borrower. “This was an extremely complex multi-phase development project with a large historic component. Greystone was the perfect partner to help guide us through the permanent financing process, and we are thrilled with the outcome.”
“Working with Jim and the Ebuilt team was a true pleasure as we helped to position this unique property for long-term success with Freddie Mac permanent financing,” said Mr. Harkins. “The Gotham is a transformational property that is going to enhance the growing Fishtown/Kensington section of Philadelphia for years to come.”
Ken Wellar of Rittenhouse Realty Advisors assisted in arranging the financing.
“The Gotham was a perfect execution of a redevelopment in one of the hottest markets in Philadelphia,” said Wellar. “We believe Jim and his team will experience great rent growth over the next five to ten years. Dan and Ryan did a great job getting this one across the finish line.”