PHILADELPHIA-Locally based Keating Development Co. obtained a $58-millionfirst mortgage for The Phoenix, a 20-story landmark at 16th and Arch Streetsin Center City. Last year, Keating converted the former Insurance Company ofNorth America office building, which was constructed in 1925, into amultifamily luxury rental property.

The Phoenix contains 267 apartment units with monthly rentals rangingbetween $1,195 for a studio to $18,750 for a 3,752-sf penthouse. There is also66,000 sf of office and ground-level retail space and a 145-vehicle garage belowground.

The cost of the conversion was $75 million. This spring, Keating moved itsown office headquarters from suburban Bala Cynwyd, PA to The Phoenix.

Jim Cadranell, associate director of the Edison, NJ office of HollidayFenoglio Fowler, arranged the first mortgage financing. Terms of themortgage are undisclosed.

This transaction is among $325 million in financing the Edison HFF officehas recently closed for properties in the Philadelphia area. Others include a$28.6-million construction loan for a 308-unit luxury multifamily communityin Cherry Hill, NJ; a $10.6-million first mortgage for a 75-unit townhousecommunity in Doylestown, PA, and a $4-million first mortgage for CreekVillage Apartments in Levittown, PA. Jonathon Mikula, senior director ofHFF’s Edison office, participated with Cadranell in the Creek Villagefinancing.

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