PHILADELPHIA-Post Brothers, an apartment developer based in Philadelphia, has obtained $52 million for a redevelopment of Rittenhouse Hill, a 470,000-square-foot multifamily property at 633 W. Rittenhouse St. in Philadelphia's Germantown section. The apartment complex will have 667 apartment units once it gets completed by early 2014.
Ackman-Ziff Real Estate Group arranged the loan through an undisclosed European Bank. The complex was constructed in 1955. An affiliate of Post Brothers acquired the property for $27.3 million in April 2010. For the full story, go to Philadelphia Business Journal .
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