Grea Capital Services Group Announces Four Loan Closings in Philadelphia and Washington DC

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The transactions were arranged by a GREA deal team that included Ben Schlegel, a Director in the Capital Services Group, and Paul McCormick, Partner - Sales Management, both in the New York City Office, and in the Philadelphia Office, Ken Wellar, Founding Partner, and Associate Directors Daniel Yadgaroff and Alan Krawitz.

The Capital Services Group of GREA (Global Real Estate Advisors) has announced the closing of four separate refinance loans totaling approximately $21 million for multifamily properties in Philadelphia and Washington DC.

The transactions included:

  • A $9.5 million refinance loan for a newly constructed, eight-story, 49-unit, 30% occupied multifamily property with a ground floor commercial space in Philadelphia. The bank loan featured a five-year fixed rate at 2.10% over the five-year Treasury and 70% LTV.
  • A $4.7 million refinance loan for a 27,000-square-foot mixed-use property with 35 units in Philadelphia. The bank loan featured a five-year term, spread of 1.75% plus the five-year Treasury and 67% LTV.
  • A $3.4 million refinance loan for a 14-unit, 8,360-square-foot multifamily building in Washington DC. The five-year bank loan featured an interest rate of 3% plus the five-year FHLB and 75% LTV.
  • A $3.3 million refinance loan for two buildings in the University City area of Philadelphia. The five-year fixed rate non-recourse bank loan featured an interest rate of 2.15% plus the five-year Treasury, one year interest only, 30-year amortization schedule and 70% LTV.

“The GREA Capital Services Group has been highly active across all buckets of capital in the Philadelphia market and we have seen strong success by running a full process and serving as true advocates for our clients,” Schlegel said.

Wellar added, “The power of GREA lies in combining deep local expertise, exemplified by our Philadelphia office, with the reach of our national debt advisory platform to secure the best possible terms for our clients.”

GREA is a full-service national investment sales and capital services platform operating across 12 offices with a 150-person team and generating $14 billion in recent sales. United by a shared mission, the offices maintain the relentless determination of boutique firms while offering our clients national expertise and reach.

Based out of the New York City office of GREA partner, Ariel Property Advisors, the dynamic Capital Services Group has a decade of success arranging financing for over 300 commercial assets including multifamily, affordable, mixed-use, retail, office, hospitality and development properties located throughout the country.

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