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PHILADELPHIA-One Penn Associates LP, the special purpose entityof New York City-based Realex Capital Corp., has obtained a$71-million refinancing of One Penn Center. According to publicrecords, the owner acquired the building for nearly $57 million inDecember 2002 and subsequently undertaken significant renovation ofthe property.

CBRE Melody director Michael Sherman and analyst Efrat Sharon inthe New York City office arranged the new funding, which has beenprovided by Lehman Brothers. The loan for the 665,000-sf officebuilding at 1617 JFK Blvd. has a 10-year term, interest only forthe initial six years. Without disclosing the interest rate,Sherman says "the dip in interest rates enabled the borrower torefinance at a most attractive rate." He credits the New YorkCity-based lender with "a quick turnaround, without which thetransaction could never have been accomplished." He says aconfidentiality agreement is preventing him from providingadditional details.