1845 Walnut Street
Llenrock Group secured $50 million in financing for 1845 Walnut Street, a Class A office property in Center City Philadelphia. 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 planned to hold the asset for an extended period, Llenrock worked 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 client.
“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 Resource Real Estate team proved very savvy and well-organized, which 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. At the time of closing, the building was 90% occupied.