Last Updated: December 16, 2011 ET

The Drake Completes $28M in Refinancing

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PHILADELPHIA-The Drake, a residential property located at Spruce and 15th streets, has completed $28.2 million in refinancing. Forest City Enterprises Inc. bought the 30-story, 284-unit property in 1998 and started an extensive restoration.

Red Mortgage Capital had arranged the original loan through Fannie Mae's Forward Commitment program. The new loan, arranged by Red Mortgage, has a 30-year amortization and 10-year term. The apartment building was constructed Spanish Baroque style in 1929. For the full story, go to Philadelphia Business Journal .

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