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“At just 4.1%, the Greater Philadelphia vacancy rate is considered 'typical' by local standards at the peak of a construction boom highly concentrated within Center City,” says Gebroe-Hammer's Eli Rosen.
Lack of suitable class-A space elsewhere in the state and a shortage of large format buildings combine to make South Jersey more attractive, says David Greek of F. Greek Development. Listen to our audio interview.
"There is an irrepressible march that is moving forward of improvement in the city," says Bobby Fijan, a partner in Cross Properties. Hear the complete panel in our audio podcast.
The new interest-only refinancing addresses Braemar's only 2019 debt maturity, has a two-year initial term with five one-year extension options and provides for a floating interest rate of LIBOR plus 2.16%.