Since then, the owner made substantial capital improvements,transforming the building into a primarily modern officeenvironment with about 20,000 sf of self-storage space, segmentedinto storage units of various sizes. As a result of the renovationand renewed leasing efforts, occupancy rose to 95%. Among thetenants is the Philadelphia Museum of Art.
Keith Braddish, a senior director in the New York office of LJMelody & Co., and Robert Krawiecki of LJ Melody's local office,secured the funding, which was provided through Morgan StanleyMortgage Capital Inc. This is the second refinancing the LJ Melodyteam has arranged from Morgan Stanley for Valhal here this month.It also arranged a $33-million fixed rate loan for Valhal's RodinPlace, a 98% leased, 301,595-sf retail/office facility northwest ofLogan Circle.
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