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PHILADELPHIA-Welcome to the Philly 411, our monthly column on real estate happenings in the Metro area supplied with intel from David Jacobs, a director at Llenrock Group, a local commercial real estate investment-banking firm. You can also follow their blog here. Opinions are the author’s own.

10 Rittenhouse, a soaring luxury condominium at the northeast corner of Philadelphia’s storied Rittenhouse Square developed by ARCWheeler, has fallen into control of the mezzanine lender, locally based union pension fund Delaware Valley Real Estate Investment Fund (DVREIF).  Why is this more significant than the average distressed deal?  Not only is it a high profile property, but it serves to shed light on the smorgasbord of risk associated with all levels of the capital stack.

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