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PHILADELPHIA-Stobba Associates LP, the locally based owner of the Abbotts Square retail space and adjacent parking garage, obtained a $17.4-million, 10-year, non-recourse, fixed-rate mortgage with 30-year amortization in order to refinance existing debt. The interest rate is in the 7%-range, and the loan-to-value ratio is 80%.

James P. Ventura, president of Lanham, MD-based Ventura Commercial Mortgage Co., acted as the exclusive financing representative on behalf of Stobba. At Stobba's request, Ventura declined to disclose the identity of the institutional lender. He says he leveraged the strength of the market and property to obtain the favorable rate and terms.

Abbotts Square is a mixed-use development on the southeastern outskirts of Society Hill that consists of 162 condominium units in addition to the approximately 55,000 sf of retail and the 318-vehicle garage. It was built in 1985. The retail space, which fronts South Street and Second Street, is 100% leased. Tenants include Blockbuster Video, Eckerd Drugs, Wawa, Commerce Bank and Chef's Market.

The area, already a high-traffic location, is currently benefiting from the development of Liberty Court at Society Hill, a cluster of 35 four-story townhouses being constructed in joint venture between locally based Altman Group and New York-based AFC Realty Capital. The residential complex is one block north of South Street at Lombard Street between Second and Third. Townhouses sell for between $950,000 and $1.5 million.

Instant Insights /

Abbotts Square Retail and Garage Obtains $17M Loan

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