Llenrock Group, an independent real estate finance and advisory firm, is pleased to announce it has secured $50,000,000 in financing for 1845 Walnut Street, a class A office property in Philadelphia’s Rittenhouse Square neighborhood. The 350,000-square foot property is jointly owned by Frankel Enterprises, Allan Domb Real Estate, and Resource America, Inc., a Philadelphia-based asset management firm.
Because the building’s owners plan to hold the asset for an extended period, Llenrock Group worked with them to secure fixed-rate, 15-year financing at less than 5% interest. The loan was sourced through a leading U.S. pension fund. Llenrock also negotiated an interest-only period on behalf of its clients.
“We were pleased to work with such a high-quality asset in one of the city’s most prestigious neighborhoods,” notes Andrew Benioff, Founding Partner of Llenrock Group. “The ownership team‘s savvy and organization helped the whole financing process go smoothly.”
Speaking of his experience working with Llenrock, Allan Domb of Allan Domb Real Estate comments, “We were very pleased with the rates, terms, and service we received for 1845 Walnut Street, which in our opinion offers tenants some of the best views of the city combined with great service in the best location in Philadelphia–directly on Rittenhouse Square!”
1845 Walnut Street is the only office property overlooking the famous Rittenhouse Square in Philadelphia’s Market West submarket. The building is over 90% occupied.