Marcus & Millichap’s Rosenberg 10.75M Cash-Out refinance for Historic Philly Renovation
PHILADELPHIA,PA — Marcus & Millichap Capital Corp. (MMCC) arranged $10.75 million in financing for luxury apartment project in Philadelphia.
Matthew Rosenberg, a director in MMCC’s Philadelphia office arranged the debt placement. Rosenberg worked closely with Phil Sharrow, multifamily and mixed-use investment sales professional in Marcus & Millichap’s Philadelphia office.
“Our advisory approach gave the client the option to sell or refinance and based on their financial goals the borrower ultimately decided to take advantage of the competitive terms MMCC was able to source,” added Sharrow.
The loan was structured with a seven-year fixed term at 3.65 percent with a five-year rate reset option. The loan was a maximum cash-out refinance.
The historic building in Fishtown was home to the largest hosiery manufacturing facility until the Chesterman-Leeland Company took over in 1938 and transformed the factory to produce ammunition and stainless steel. 401 Memphis Street has since been repurposed into a 57-unit apartment building, averaging 700 s/f per unit. The property features a mix of one bedrooms, two bedrooms and two bedrooms plus den. Building amenities and features include in-unit washer and dryers, meeting rooms, parking, exposed brick and stainless steel appliances.