Alan Feldman, senior vice president with Resource America and CEO of Resource Real Estate, tells GlobeSt.com that company opted to take advantage of low interest rates offered by RBS Greenwich Capital to refinance the 1845 Walnut St. office property. Feldman says the money will be used for a variety of purposes.
"It's a very desirable building from a tenant standpoint," says Feldman, noting that the office tower, which has occupancy rates in the high 90s, sits in one of the city's most desirable residential neighborhoods. The tower is primarily occupied by several major Philadelphia law firms.
The loan with a fixed-interest rate of 5.86% was taken out for 10 years. Resource America, which owns a 50% interest in the property, realized approximately $14 million of cash proceeds from the financing. As the only office building in Rittenhouse Square, the 391,000 sf multi-tenant office property and parking garage is located in an area rich in housing as well as office, retail, hotel and cultural attractions.
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