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PHILADELPHIA-Locally based 1700 Associates has obtained an $11-million fixed-ratepermanent loan for its 12-story multifamily rental building at 1700 Walnut St. in Center City. Horsham, PA-based GMAC Commercial Mortgage Corp. arranged the financing through the Freddie Mac Program Plus.

Terms were not disclosed.

The property was converted from an office building and is a rehabilitation of a certified historic structure, in accordance with the Internal Revenue Code of 1986. “This law has been extremely useful in providing owners with an economic benefit in the modernization and re-use of many buildings in Center City,” says Ed Riedlinger, senior vice president of GMACCM, in a statement.

The first two floors of the building contain retail and office space, and the upper floors have 68 multifamily rental units. All are two-bedroom units ranging in size from 1,150 sf to 1,940 sf.

Riedlinger and Rory Hertzog, GMACCM vice president, of GMAC’s Philadelphia office, arranged the financing.

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