PHILADELPHIA, PA-August 12, 2019 — Cushman & Wakefield announced today that the real estate services firm served as the exclusive advisor to Ivy Realty and DW Partners in the procurement of $27.5 million in refinancing for a residential property with retail totaling approximately 82,556 buildable square feet at 1600 Callowhill Street in Philadelphia, Pennsylvania.
A Cushman & Wakefield Equity, Debt & Structured Finance team of John Alascio, Sri Vankayala and Noble Carpenter III represented Ivy Realty. The lender in the transaction was BBVA.
“This transaction was unique in that Ivy Realty in partnership with DW Partners delivered differentiated rental product in luxury loft units which leased quickly in the market and lenders who understood the growth in the sub market were eager to lend on the asset and Sponsorship. ,” said John Alascio of Cushman & Wakefield. “The lease with Sonder for a portion of the units in the building further showcased the high quality build and led to a competitive marketing process. BBVA was able to put forth a custom financing package tailored to meet the needs and business plan of the sponsorship.”
1600 Callowhill Road is a brand-new multifamily building located between the City Center and Philadelphia’s Fairmount neighborhood. The property features a modern yet timeless design that pays homage to the site’s historical past. Tenant amenities include a rooftop terrace, gym, lounge, parking, concierge, exposed brick and in-unit washers and dryers. Multiple restaurant offerings are available within close proximity to the property.
Approximately 40 percent of the building’s units are leased to Sonder, a short-term rental start-up in nearly 30 cities that recently surpassed a valuation of more than $1 billion.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with 48,000 employees in approximately 400 offices and 70 countries. In 2017, the firm had revenue of $6.9 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.