Since then, the owner made substantial capital improvements, transforming the building into a primarily modern office environment with about 20,000 sf of self-storage space, segmented into storage units of various sizes. As a result of the renovation and renewed leasing efforts, occupancy rose to 95%. Among the tenants is the Philadelphia Museum of Art.
Keith Braddish, a senior director in the New York office of LJ Melody & Co., and Robert Krawiecki of LJ Melody's local office, secured the funding, which was provided through Morgan Stanley Mortgage Capital Inc. This is the second refinancing the LJ Melody team has arranged from Morgan Stanley for Valhal here this month. It also arranged a $33-million fixed rate loan for Valhal's Rodin Place, a 98% leased, 301,595-sf retail/office facility northwest of Logan Circle.
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