Newmark Capital Markets successfully arranges financing for Thor Equities’ $41.8M acquisition of 907 Market Street in Philadelphia, PA. Deutsche Bank provided $28.5M of interest-only loan proceeds to finance the transaction. The transaction was led by by Newmark Capital Markets Vice Chairmen and Co-Heads, Debt & Structured Finance Jordan Roeschlaub and Dustin Stolly, and Managing Director Nick Scribani.
Situated in Center City’s Market East submarket, the three-story office condominium sits atop two floors of retail space currently being renovated as part of the massive Fashion District Philadelphia redevelopment project. The 214,000 square foot office property is fully leased by Health Partners Plans (“HPP”), serving as the company’s headquarters. HPP has tenanted the property since 2006, most recently expanding into an additional 72,000 square feet in 2014.
“907 Market Street has tremendous potential as part of the Fashion District redevelopment project. This building is in the center of all the action, which will become a cornerstone of the revitalization of Center City Philadelphia,” said Roeschlaub. Stolly added, “This property is conveniently connected to Reading Terminal Market, the Pennsylvania Convention Center and the largest regional rail hub in Philadelphia. This transaction will serve as a critical piece of this redevelopment as it will generate significant business and retail opportunities to the area.”
907 Market Street is located in Center City Philadelphia, currently in the heart of the Fashion District redevelopment project. Spanning three city blocks in the heart of Center City Philadelphia, this redevelopment project represents the future of destination shopping, dining, and entertainment. The revitalization of Market Street East will connect to Reading Terminal Market, the Pennsylvania Convention Center, and the main regional rail hub in Philadelphia, Fashion District Philadelphia will offer 838,000 square feet of the exclusive retail boutiques and unique dining experiences.
About Newmark Capital Markets
Newmark Capital Markets, operated by Newmark Group, Inc., is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, our 15,000 professionals operate from more than 400 offices in established and emerging property markets on six continents.
With roots dating back to 1929, our strong foundation makes us one of the most trusted names in commercial real estate. We provide access to a wide range of services, including asset sales, sale leasebacks, mortgage and entity-level financing, equity raising, underwriting and due diligence. The transactions we broker involve vacant land, new real estate developments and existing buildings. We specialize in arranging financing for most types of value-added commercial real estate, including land, condominium conversions, subdivisions, office, retail, industrial, multifamily, student housing, hotels, data center, healthcare, self-storage and special use. For further information, visit www.ngkf.com/capitalmarkets.
Newmark Group, Inc., which is listed on the NASDAQ Global Select Market under the symbol “NMRK”, is a publicly traded subsidiary of BGC Partners, Inc. (“BGC”), a leading global brokerage company servicing the financial and real estate markets. BGC’s common stock trades on the NASDAQ Global Select Market under the ticker symbol “BGCP”. BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol “BGCA”.
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