Edward D. Riedlinger, SVP and managing director of GMACCM's Philadelphia loan origination office, arranged the unusual transaction. Two of the properties, 3600 and 3624 Market St., are condominium-style buildings in which the Science Center owns several floors. The other is the two-story, 23,000-sf building at 3615 Market, which is occupied by a single user under a long-term lease.
The financing was "unique," Riedlinger says, because "the project financing was complicated by the condominium structure of two of the assets...[and] the borrower did not control all interests in the condominium structure for each building." Despite what he called "the difficulties," GMACCM and Unum focused on "the positives of the location and sponsorship."
University City Science Center, founded in 1963, has been responsible for more than two million sf of development between 34th and 39th streets along Market. It focuses on facilities for companies that foster innovation and conduct R&D in the fields of life science, bio-chemistry and technology.
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