PHILADELPHIA-The owners of 123 South Broad St. have secured a fixed-rate loan that will be contributed to a $876.5 million CMBS offering. Citigroup Global Markets Realty Corp. supplied the 10-year loan to the owners, a joint venture of SSH Real Estate and Young Capital.
The group acquired the building for $57.7 million in 2008 from American Financial Realty Trust. The loan is secured by floors six to 30 of the asset's office condos and represents 620,000 square feet of its 880,000-square-foot total.
123 South Broad is currently about 86% leased, up from 78% when the joint venture acquired the building. Tenants include Wachovia, law firm Montgomery, McCracken, Walker & Rhodes and Philadelphia Mental Health Center.
Jeffrey Seligsohn, a principal at SSH, says the loan will help fund "tenant and capital improvements." The Ackman-Ziff Real Estate Group LLC and Gregory Muller, SSH's general counsel, arranged the financing.
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