Philadelphia

The loan package will be available to the commonwealth's hospitals to provide immediate financial support for working capital to ensure that these facilities have sufficient personnel, equipment and personal protective equipment.

The unspecified funding amount is being pursued through the Paycheck Protection Plan, which is being administered jointly by the Treasury and the SBA.

"We'll have to make difficult decisions on city spending, the likes of which have never before been needed," Philadelphia Mayor Jim Kenney said.

The property, originally built for Continental Can Company, is currently 70% leased to more than 20 tenants. No financial terms of the transaction were disclosed. Senior mortgage financing was provided by AmeriServ Financial.

The stay at home order went into effective April 1 at 8 p.m. Previously, there were 33 counties on statewide stay-at-home orders. The first orders were issued on March 23 for seven counties.

The Philadelphia-based retail REIT estimates the measures will create nearly $300 million in incremental liquidity.

The city's Health Department notes that the defined use and management of the site has not been determined as yet. The facility could be used to care for COVID-19 patients or to relocate low-acuity patients from area hospitals to open more beds at those facilities.

The Philadelphia-based real estate investment advisory firm, also notes that it has begun capital improvements involving both interior and exterior upgrades at the nearly 467,000-square-foot property.