Metropolitan Capital Advisors arranges Floating Rate Acquisition loan for a class A office building
AUDUBON, PA — Metropolitan Capital Advisors, Ltd. (MCA) in partnership with AMA Financial LLC has arranged a $7,915,000 floating rate bridge loan for the acquisition and lease-up of 800 Adams Ave. in Audubon. MCA and AMA (based in Pennsylvania), both members of the Real Estate Capital Alliance (RECA), teamed up to facilitate the financing on behalf of a partnership sponsored by Red River Asset Management. 800 Adams is a 65,716 s/f class A office building located in Audubon, which is a suburb located just outside of Philadelphia. The business plan is to lease-up the building, which is currently 72% occupied, by leveraging the Property’s high-quality finishes and offering competitive lease rates to attract tenants. The acquisition loan was funded by a bridge lender that included a leasing reserve for accretive leasing at the Property.