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PHILADELPHIA-Chest-Pac Associates, an affiliate of local property owner Grasso Holdings, has secured a $21.5-million mortgage refinance of the 180,000-sf Packard Building, a mixed-use asset at 15th and Chestnut streets. CWCapital LLC provided the funds, and the deal was brokered by Tom Graf and Bruce Whipple of NorthMarq Capital.

The Packard is 26 floors. The basement and ground floor are retail, including a new Del Frisco’s Double Eagle Steakhouse. Floors two through 12 are offices, and the remaining floors are condominiums and not covered by the refinancing.

Whipple tells GlobeSt.com that the deal got done because of a years-long relationship with CWCapital. “They really delivered on what they said they were going to do,” he says. “I’m seeing all other kinds of transactions unravel right now. It’s gotten increasingly difficult over the last month.”

Chest-Pac wanted to cash out equity in the building. Some potential lenders passed because of the building’s condominium component or the presence of the restaurant on the ground floor.

Grasso owns or has developed about seven-million sf throughout the Northeast. Among its other holdings are the Valley Square lifestyle center, in Warrington, PA; and residential buildings in New York City.

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