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PHILADELPHIA-Locally based Iron Stone Real Estate Cos. has obtained a $23.5-million senior mortgage loan for its redevelopment of the former 13-acre Medical College of Pennsylvania campus at 3300 Henry Ave. in the East Falls neighborhood. Iron Stone plans to convert the multi-building property into the Falls Center mixed-use complex, as GlobeSt.com previously reported.

Gregg Wallace of Narbeth-based AMA Financial, arranged for the funding. The lender is Chevy Chase, MD-based CapitalSource, and David Hall, an investment officer in CapitalSource’s New York City structured finance group office, handled the transaction. It is CapitalSource’s first with Iron Stone. Hall tells GlobeSt.com he was “impressed with Iron Stone’s plan and the location’s access to Center City and the suburbs.” He declines to disclose the loan’s rate or term.

Iron Stone will use the financing to repay existing debt and fund phase one of its plan. That calls for the lease up of 280,000 sf of office and retail space along with completion of all architectural and planning work for phase two. That phase will contain 350 multifamily residential and 120 senior living units, all in retrofitted existing buildings. Iron Stone VP Gary Gordon says his company is applying for designation by the National Register of Historic Places.

The largest building dates back to 1929 on the campus that began as Women’s Medical Hospital. It has had a series of owners and transformations over the years. Dallas-based Tenet Healthcare Corp., which acquired it as part of a larger portfolio, closed its doors, and a local nonprofit attempted, but failed to keep it operating. Iron Stone acquired it from the nonprofit in 2006 for $11 million.

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