PHILADELPHIA-New York-based Valhal Corp. obtains $4.5 million in fixed-rate financing for SoHo South, a 175,000-sf office/warehouse property on an 11-acre site at 3500 Scotts Lane. Valhal acquired the building in 2000 in a sale/leaseback transaction that left the property at 15% occupancy shortly after the purchase.

Since then, the owner made substantial capital improvements, transforming the building into a primarily modern office environment with about 20,000 sf of self-storage space, segmented into storage units of various sizes. As a result of the renovation and renewed leasing efforts, occupancy rose to 95%. Among the tenants is the Philadelphia Museum of Art.

Keith Braddish, a senior director in the New York office of LJ Melody & Co., and Robert Krawiecki of LJ Melody’s local office, secured the funding, which was provided through Morgan Stanley Mortgage Capital Inc. This is the second refinancing the LJ Melody team has arranged from Morgan Stanley for Valhal here this month. It also arranged a $33-million fixed rate loan for Valhal’s Rodin Place, a 98% leased, 301,595-sf retail/office facility northwest of Logan Circle.

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