The building dates back to about 1886 and has been completely renovated. It is 100% leased with lead tenant, the Reinvestment Fund, occupying approximately 30,000 sf.
Patrick Brala, AMC Delancey's VP and CFO, and in-house financial analyst Brian Sunday closed the transaction. Robert Jacoby of the Philadelphia office of Chicago-based iCap Realty Advisors was the loan broker. Wells Fargo Commercial Mortgage was the lender and Doug Mazer was its lending officer for this transaction.
Kenneth P. Balin, president and CEO of AMC Delancey, says the company will invest in modern elevators. He says it acquired the building "at a time when many were concerned about the future of the Downtown Philadelphia market. In addition, the property was located adjacent to the site of the proposed $60-million federal detention center [which was not built]. As a result, many people were afraid to buy the property at the time…the investment has proved to be extremely worthwhile for our investors."
Although the terms of the loan are not disclosed, Balin says, by refinancing, the firm took "advantage of competitive market conditions."
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